TWT Multifamily Buys DFW Value-Add Portfolio

Marcus & Millichap brokered the deal.

TWT Multifamily has purchased a portfolio of two Texas communities—in Bedford and Euless—from a private individual, Yardi Matrix shows. Avanti on Central and Avanti on Pipeline total 195 units. The buyer funded the acquisition with a $16 million loan, originated by The Bancorp Bank, according to the same source. Marcus & Millichap brokered the transaction.

Marcus & Millichap’s Senior Managing Director Al Silva, alongside First Vice President Ford Braly, represented the seller and secured the buyer.

Built in the mid-to-late 60’s, the 137-unit Avanti on Central and the 58-unit fully-affordable Avanti on Pipeline feature one- and two-bedroom floorplans, with the former also encompassing three-bedroom units. Apartments range from 540 to 1,403 square feet for Central, while Pipeline’s are between 730 and 1,050 square feet. Both properties include balconies or patios, with select units also featuring walk-in closets, as well as renovated kitchens. Community amenities for both properties include a swimming pool and playground. The new owner’s plan involves interior upgrades, as well as improved management.

Avanti on Central is at 805 Central Drive in Bedford, across the road from Avanti on Pipeline, at 3015 W. Pipeline Road in Euless. U.S. Route 183 is 1 mile north of the properties, while Interstate 183 is some 6 miles to the west and the Dallas Forth Worth International Airport is roughly 8 miles to the northeast. Employers such as JPMorgan Chase, Kroger and Bank of America are all within 15 miles of the communities. The North East Mall, located some 4 miles away, encompasses more than 130 shops across 1.6 million square feet of retail space and provides residents with various retail, entertainment and dining options.

Metroplex transaction activity plummeted in 2023

Dallas-Fort Worth’s transactions saw a sharp downturn in 2023. For the first three quarters, volume dropped 72 percent year-over-year, to $2.6 billion in total, a Yardi Matrix report shows. Still, the last few months of the year saw some significant deals take shape.

One such late-2023 trade was of Dorian Apartments. The 398-unit asset was acquired by Knightvest Capital from White Oak Partners, with the buyer benefitting from a $70 million acquisition loan originated by Invesco Real Estate, according to the same source.