Alliance Residential and CP Capital have sold Broadstone Southside, a 179-unit property in Fort Worth, Texas. The buyer was Railfield. IPA brokered the transaction, working on behalf of the sellers and procuring the buyer. The buyer used a $22.5 million Fannie Mae loan originated by Walker & Dunlop to finance the acquisition, Yardi Matrix data shows.
The five-story community completed this year is located at 200 W. Daggett Ave. It comprises one- and two-bedroom units ranging from 605 to 1,177 square feet, also according to Yardi Matrix. The units feature oversized windows and soaking tubs, recessed lighting and ceiling heights of up to 13 feet. Amenities include a pool, a dining and entertainment area and parking.
Prime area, prime neighbors
The property is located at the gateway of Near Southside, a 1,400-acre district that is currently undergoing a significant transformation, Michael Ware, IPA senior vice president, said in a prepared statement. The community’s pedestrian-oriented location positions it close to numerous employment clusters and rent growth through lease-up contributes to the investment’s appeal, added Drew Kile, senior managing director with IPA.
Located within the South Main Urban Village, the property is less than 1 mile south of downtown Fort Worth and its shopping, entertainment and dining options. The community is very close to Interstate 30 and within walking distance of the Fort Worth T&P Station, offering easy access toward Dallas.
Ware, Kile, along with Senior Vice President Taylor Hill, Director Joey Tumminello, Executive Managing Director Will Balthrope and Associate Jeffrey Kindorf of IPA worked on the transaction.
Sporting the country’s largest multifamily pipeline, Dallas-Fort Worth continues to break records in terms of rental fundamentals. Investors have taken note, and North Dallas is also one of the country’s leaders when it comes to transaction volumes, second only to Phoenix during the first half of 2021.