Weidner Acquires Fort Worth Community

Weidner Apartment Homes has purchased Monterra Village, a 550-unit property in Fort Worth, Texas, from Hillwood Multifamily. Set in the 900-acre Alliance Town Center development, the community is part of the 27,000-acre master-planned, mixed-use campus AllianceTexas.

The Alliance Town Center features more than 1 million square feet of retail and office space, including two hospital campuses, restaurants and FAA’s Southwest Regional Office. There are more than 575 corporations in the campus providing some 66,000 jobs within a short commute of the Village.

Monterra Village was constructed in two phases on 35 acres in 2008 and 2013. Its apartments have nine-to-17-foot ceilings, ceramic tile and hardwood-style plank flooring.

The community features one-, two- and three-bedroom apartments as well as two- and three-bedroom townhomes, according to Yardi Matrix data. Its average unit size is 985 square feet. At the time of the sale the community was 95 percent occupied.

Direct-access garages are available in townhouse units. Community amenities include a lap pool and a dog park, as well as additional storage for a fee.

IPA’s executive managing director Drew Kile represented the seller in the transaction alongside colleagues Taylor Hill, Joey Tumminello, Michael Ware, Cameron Purse and William Hubbard.

Earlier this month, Knightvest Capital acquired The Verandas at Cityview, a 314-unit community in Fort Worth, which was rebranded as Lauren. It was the firm’s first community purchase in the market and its fourth through Knightvest’s Fund II.