Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has announced the sale of Constellation Ranch Apartments, a 324-unit luxury multifamily community situated on 26.29 acres in West Fort Worth, Texas.
Levin Johnston’s Executive Managing Director Adam Levin, Senior Managing Director Robert Johnston, and Vice President of Investments Eymon Binesh represented the seller and procured the buyer, a California-based private investor, in this transaction.
“Although the California multifamily market continues to thrive, sourcing assets that will help our clients grow and sustain wealth by diversifying into different regions is paramount in our strategy of delivering truly valuable investment guidance,” says Levin. “In this case, we provided the buyer with a rare opportunity to expand his portfolio to include a stable cash-flowing asset in a highly competitive and desirable market outside of California.”
The Dallas-Fort Worth area saw a job growth of 8.1 percent in Q3, and the metro area’s recovery following the pandemic has continued to outperform the state and nation. As a result, Fort Worth ranks fourth in terms of U.S. largest metros and is one of the fastest growing metros nationwide, reporting a 24 percent population growth from 2010-2020.
“Our client, the new owner of Constellation Ranch Apartments, will greatly benefit from the Fort Worth area’s continued employment and population growth, largely fueled by the trend of major employers relocating to Texas,” says Johnston. “The continued influx of new residents seeking high-quality living accommodations, combined with an average occupancy in the area of 96.1 percent, makes the asset well positioned to receive high renter demand and a strong upside for organic rent growth.”
Built in 2005, Constellation Ranch Apartments has previously undergone strategic interior upgrades, including equipping several units with granite countertops, stainless-steel appliances, painted cabinet fronts, lighting fixtures, and faux-wood flooring. As part of the buyer’s value-add strategy, additional light renovations will be implemented, further modernizing the community and providing competitive quality-of-life amenities.
“By leveraging Constellation Ranch Apartments’ positioning as long-term investment opportunity with further value-add potential, we were able to garner immense interest from prospective buyers,” notes Binesh. “Ultimately, we were able to rely on our deep industry knowledge and extensive connections to secure an all-cash-offer deal, which also allowed our client to take advantage of today’s historically low interest rate environment.”
Constellation Ranch Apartments offers its residents charming one-bedroom, two-bedroom and three-bedroom floor plans aptly named after celestial bodies. Each unit includes a full-sized washer and dryer, walk-in closet, garden tub, built-in computer niche, tiled kitchen flooring, sophisticated black appliances, and fireplaces for select units. Residents also have access to community amenities including a resort-style pool, professional business center, movie theater with surround sound system, dog park, picnic area, state-of-the-art fitness center, and an Amazon Hub Apartment Locker.
The community is ideally situated just ten minutes from downtown Fort Worth, with direct access to Loop 820, facilitating access to major employers including Southside Medical District, Cook Children’s Medical Center, and Lockheed Martin. Constellation Ranch Apartments is also in close proximity to Sundance Square, Chisholm Trail Ranch, and West 7th Street District, all of which provide residents with unique dining options and an array of nightlife entertainment. Additionally, the apartment community is located near Tarleton State University, a new 80-acre campus that will serve 2,500 students and is expected to accommodate 9,000 students by 2030.
Constellation Ranch Apartments is located at 500 W Loop 820 South, Fort Worth, Texas 76108.