Fort Worth Multifamily Community Changes Hands
- Nov 08, 2018
Transwestern Development Co. has sold the 375-unit RiverVue Apartments, situated within the popular mixed-use Waterside development, to St. Regis Properties. Will Balthrope, Drew Kile and Joey Tumminello of Institutional Property Advisors represented the buyer in the transaction. The community was 90 percent occupied at the time of the sale.
Located at 5828 Arborlawn Dr., the property was built in 2017 and offers a mix of studio, one- and two-bedroom units. All offer open floor plans with unique finishes and features such as chef-inspired kitchens and spa-style baths. There are also private patios and balconies.
Amenities at RiverVue include a pool, fitness center, outdoor grilling area, cyber lounge and conference area. There’s also on-site storage units, a game room and nearby walking trails.
The apartment community is situated within a a 63-acre mixed-use development that includes the Trinity River and trails, plus quick access via Chisolm Parkway to the Arts District and Downtown. The neighborhood is also close to Whole Foods, REI Co-op and plenty of retail.
Over the past six years, Transwestern has completed more than $2.9 billion in total development in the U.S., including 4,800 multifamily units and 2.2 million square feet of office space.
The company has been active in Texas this year. In August, it sold Westway Plaza, a 313,420-square-foot, Class AA office building in Houston, to The Aztec Fund Inc., a Mexico-based private equity fund. In May, the company acquired 1.6 acres in downtown Austin, with plans to construct Block 36, a 263-micro-unit apartment community.
Image courtesy of Transwestern