Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Alexan Summit, now known as The Drake on Summit, a 372-unit multifamily property in Fort Worth, Texas.
“Alexan Summit is a fully stabilized Class A asset located in the heart of Intown Fort Worth,” said Drew Kile, IPA senior managing director investments. “Prominently positioned between the West 7th District and the Near Southside Medical District, there are over 90,000 working professionals in the immediate area, providing a well-qualified tenant base.” IPA’s Kile, Joey Tumminello, Michael Ware, Taylor Hill, Jeffrey Kindorf and Will Balthrope represented the seller, an entity affiliated with Trammell Crow Residential and equity partner Phoenix Capital Management LLC, and procured the buyer, Busboom Group and Archwood Real Estate. “Demand for this type of multifamily product is strong, as evidenced by Alexan Summit’s exceptional performance, including recent average occupancy of 96 percent,” added Tumminello.
Completed in 2018, the property is prominently visible from Interstate 30, and within walking distance of numerous restaurants, bars, and entertainment options. Nearby attractions include Crockett Row at West 7th, a five-block, pedestrian-oriented urban village and Sundance Square, a 35-block entertainment and shopping district with restaurants, shops, galleries, and performance venues. The University of Texas Health Science and Center Naval Air Station Fort Worth are two of the many employment centers situated close to the property.
Alexan Summit’s community amenities include a six-floor parking garage, coworking space, and views of Trinity Park, and the Trinity River. Apartments have 10-foot-plus ceilings, open-concept kitchens and stained concrete or plank flooring. Select units have expansive terraces, balconies, or private yards. The average unit size is 866 square feet.
“IPA in Texas handles sales for the whole state with one team of dedicated multifamily property investment specialists who source the most qualified buyers and obtain the best prices for our sellers,” said Balthrope.
