Weinstein Properties Grows Fort Worth Footprint
- Jul 30, 2020
StoneHawk Capital Partners has sold The Bowery at Southside, a 303-unit community in the South Main Village development of Fort Worth, Texas, to Weinstein Properties. The buyer financed the acquisition with a one-year, $42.2 million bridge loan from Regions Bank, according to public records. Institutional Property Advisors represented the seller.
The seller had joined forces with The Carlyle Group to develop the 303-unit property, Yardi Matrix shows. The deal marks the first time the asset has changed hands after delivering in 2019, growing Weinstein’s Dallas-Fort Worth portfolio to more than 3,000 units.
In a prime position
The property, located at 220 E. Broadway Ave., is just southwest of the intersection of interstates 30 and 35W, less than 2 miles from downtown Fort Worth and the Trinity Railway Express T&P terminal. Institutional Property Advisors Director Joey Tumminello noted the Near Southside Medical District submarket is Tarrant County’s second largest employment center, due in part to the presence of major health-care providers and other key employers in the area, including JPMorgan Chase, Alcon Laboratories and TPG Capital.
The Bowery at Southside has one- and two-bedroom floorplans ranging from 495 to 1,443 square feet in four three- and four-story buildings. The gated community’s amenities include a resident sky lounge, a two-level resort-style pool, gas grilling and picnic areas, a dog park and a fitness center.
Tumminello, Executive Director Will Balthrope and Senior Managing Director Drew Kile worked on behalf of the seller and procured the buyer. In early June, Balthrope was part of the IPA team which closed the disposition of a 288-unit community in Waco, Texas.