Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Summit at Landry Way, a 224-unit multifamily asset in Fort Worth, Texas.
“The property gives the buyer, Jay Duarah of Aspen Capital Group Inc., a significant value-add opportunity through continued and additional upgrades supported by exceptional submarket fundamentals,” said Drew Kile, IPA senior managing director. “In Q2 2021, assets of a similar vintage in the East Fort Worth submarket averaged 93 percent occupancy and 4.6 percent rent growth.” Kile, IPA’s Joey Tumminello, Will Balthrope, and Asher Hall, in collaboration with Marcus & Millichap’s Tommy Lovell III, Nick Fluellen and Bard Hoover, represented the seller, One Real Estate Investment, and procured the buyer, Aspen Capital Group Inc. “The previous owner upgraded 70 percent of the units, which gives the buyer an opportunity to continue the in-place value-add program on the remaining units and further upgrade the apartments with updated lighting fixtures and hardware,” added Tumminello.
Built in 1978 on 12 acres, the property is just off Interstate 30, near Downtown Fort Worth, Arlington, Grand Prairie, and Hurst-Euless-Bedford. There are 121,000 high-income jobs 10 minutes away in Downtown Fort Worth, the Fort Worth Cultural District, Sundance Square, and the Near Southside Medical District. American Airlines recently opened its new $1 billion headquarters less than five miles from the property and UPS has opened a 1.1-million-square-foot regional hub nine miles away. “General Motors has purchased a 240,000-square-foot building on 22 acres near its Arlington campus and is expected to add 900 jobs,” noted Hoover. The two-story, 27-building, garden-style community has an outdoor grilling area with pergola, a picnic area, a resort-style pool, and a secluded wooded area with waterfall pond. The average unit size is 794 square feet.
“Fort Worth is the fastest-growing city in the country with a population greater than 500,000,” noted Balthrope. “IPA covers the Metroplex and every other major market in Texas with one team of multifamily investment professionals and this was a key element in the success of this transaction.”
