Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Dolce Living Home Town, a 316-unit apartment asset in the suburban Fort Worth city of North Richland Hills, Texas.
“Dolce Living Home Town is a uniquely designed, newly constructed midrise multifamily asset in a high-growth Fort Worth suburb where for the past two years average occupancy has been 95.3 percent,” said Drew Kile, IPA senior managing director. Kile, IPA’s Will Balthrope, Joey Tumminello and Grant Raymond represented the seller, DLC Residential and procured the buyer, SPI Advisory. “At closing, the asset was over 96 percent occupied with minimal concessions,” added Tumminello. “In a challenging environment, the differentiation of the asset and the quality control of the process led to a great result for both the buyer and the seller.”
Completed in two phases between 2016 and 2018, the apartment complex is located at the north corner of Highway 183 and Loop 820, directly east of Dallas-Fort Worth International Airport. The property is 10 miles from Downtown Fort Worth and Downtown Dallas is approximately 30 minutes away. Nearby employers include Lockheed Martin, Texas Health Resources and Naval Air Station Joint Reserve Base. AllianceTexas, one of the nation’s premier business parks and part of the 26,000-acre master-planned Alliance Corridor is 11 miles northwest of the property, and the 1,300-acre, master-planned Mercantile Center business park is nearby. Retail and entertainment are a short distance, including the Irving Mall, Grapevine Mills Mall, Southlake Town Center, AT&T Stadium, Globe Life Park, Six Flags, and Lake Grapevine. Dolce Living Home Town’s amenity package includes full-size washers and dryers in all units and Bluetooth speakers in the living rooms. The property has a “Vegas-style” pool, elevators, and a dog park. The average unit size is 961 square feet.
“IPA has the unique ability find more private and institutional buyers by covering all major metros in Texas with one team, said Balthrope. “This was an important factor in the execution of this transaction.”