IPA Closes Suburban Fort Worth Multifamily Disposition
- Dec 14, 2020
Institutional Property Advisors has brokered the sale of the 316-unit Dolce Living Home Town in North Richland Hills, Texas. SPI Advisory acquired the asset from DLC Residential. Senior Managing Director Drew Kile, Executive Managing Director Will Balthrope, Director Joey Tumminello and Associate Grant Raymond represented the seller and sourced the buyer.
The same team previously closed a 422-unit disposition on Dallas’ north side, also this month. The developer and seller, The Hanover Co., delivered the property in 2016.
Built on 9.1 acres between 2016 and 2018, Dolce Living spans 8 buildings, according to Yardi Matrix data. According to Tumminello, the community was more than 96 percent leased at the time of the deal, compared to the average occupancy in the suburb of 95.3 percent during the past two years.
The property at 6100 Ashbury St. is situated 12 miles northeast of downtown Fort Worth. The site, a short distance from Tarrant County College’s northeastern campus, is 2 miles north of the interchange of Interstate 820 and Highway 183, adjacent to a dining and entertainment center. The AllianceTexas business park is 11 miles northwest.
Common-area amenities include a swimming pool, fitness center, clubhouse and dog park. The property’s one-, two- and three-bedroom units have an average size of 961 square feet.