The Jacobson Company acquires brand-new 217-unit multifamily community in Fort Worth, Texas suburb

Atlantica at Burleson
The Jacobson Company completed the acquisition of Atlantica at Burleson, a 217 unit, Class A multifamily community in Fort Worth, Texas.

The Jacobson Company, a leading private real estate investment and management company, has successfully completed the off-market acquisition of Atlantica at Burleson, a new Class A multifamily community comprising 217 units in the Fort Worth submarket of Burleson, Texas.

“Through the unique opportunity to acquire this stand-out asset at an attractive basis within a market currently 98 percent occupied, we will be able to unlock tremendous value potential,” says Larry Jacobson, President and CEO of The Jacobson Company. “Because the property welcomed residents while still under construction in November 2021, many of the current occupants signed leases before the common areas were completed. As such, we believe current in-place rents do not reflect the property’s maximum potential revenue. In addition to the upside in rents, Atlantica at Burleson is poised to capitalize on incredibly strong multifamily market fundamentals and a favorable supply imbalance.”

Jacobson notes that a new study commissioned by the National Multifamily Housing Council and National Apartment Association reveals the U.S. needs to build 4.3 million new apartments by 2035 to address demand, deficit, and affordability. Specifically, the Dallas-Fort Worth metroplex (DFW) needs to build 19,000 new apartment homes each year to keep up with current demand.

“DFW has steadily developed into one of the most impressive economic hubs in the United States,” says Jacobson. “Traditionally known for being centered around the oil and gas industry, DFW has emerged as an incredibly diverse employment hub as the metroplex continues to attract corporate relocations and expansions of major employers in technology, finance, engineering, manufacturing, and aerospace. With a business-friendly climate, low cost of living, excellent education system, and lifestyle amenities, DFW continues to grow at a record pace, leading all U.S. MSAs in total population growth from 2010 to 2020.”

Jacobson adds that this population increase, coupled with the historically low inventory pipeline, resulted in a 14 percent rent growth across DFW in 2021. As the DFW metroplex continues this rapid growth, residents will ultimately get priced out of core urban markets such as Fort Worth.Burleson has been a direct benefactor of this trend as the city has seen population growth of 39 percent from 2010 to 2020. Despite this substantial population growth, there has been very little multifamily development to serve this increased demand, and according to CoStar, there are only 505 total units under construction in Burleson.

“The Jacobson Company has successfully executed a strategy of acquiring suburban assets which are closely proximate to expensive city centers for generations and believes Atlantica at Burleson offers investors an outstanding opportunity to profit from this approach,” continues Jacobson. “Located immediately south of Fort Worth, Burleson offers tenants rents which are 26 percent below rents in downtown Fort Worth, coupled with a safe family environment, a strong public school system, and an inviting sense of community. The city exudes a quaint small town Texas charm, while still providing a 25-minute drive to Downtown Fort Worth, giving residents the best of both worlds with suburban and city life.”

Atlantica at Burleson was developed by Sovereign Properties, an experienced multifamily developer that specializes in Class A product throughout Texas. Atlantica is a garden-style community consisting of five three-story residential buildings, all of which are elevator-served. The property offers tenants large open floorplans, modern stainless-steel appliances, sleek quartz countertops, stylish wood-plank flooring in common areas, contemporary lighting, washer/dryer in every unit, private decks or balconies and walk-in closets.

Community amenities include a 24-hour modern fitness studio, outdoor barbeque and gaming stations, a resort inspired pool with sundeck, dog park, pet spa, cyber lounge, valet trash service, detached garages, and elevator access in each building.

The acquisition was brokered by Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill and Jeffrey Kindorf of Institutional Property Advisors (IPA). Financing was arranged by Brian Eisendrath and Cameron Chalfant of IPA Capital Markets. 

Atlantica at Burleson is located at 285 SE John Jones Drive in Burleson, Texas.