Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of 4000 Hulen, a 240-unit apartment asset in Fort Worth, Texas.
“Built in 2015, the property performed exceptionally well over the past year, averaging 95 percent occupancy with 9 percent effective rent growth,” said Joey Tumminello, IPA senior managing director. “The acquisition gives the buyer a significant first-generation opportunity to add value through apartment interior upgrades.”
Tumminello and IPA’s Drew Kile, Taylor Hill, Michael Ware, Jeffrey Kindorf and Will Balthrope represented the seller, Hamilton Zanze, and procured the buyer, Pegasus Real Estate.
Located just southwest of Downtown Fort Worth on Chisholm Trail Toll Road, 4000 Hulen is between the Near Southside Medical District and The Shops at Clearfork, a 270-acre, mixed-use development with shopping, dining, office space, entertainment and a 45-bed hospital. The Colonial Country Club is adjacent to the property, Texas Christian University is within two miles and Fort Worth’s only Central Market, Whole Foods, and Trader Joe’s are nearby.
The five-story, controlled-access apartment complex has a resort-style swimming pool, skyline views and barbecue and picnic areas. Apartments have wood-style flooring, garden tubs, and linen closets. Select units have private patios or balconies and full-size washers and dryers. The average unit size is 886 square feet.
“IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, offering local market research and sales expertise in Dallas-Fort Worth, Houston, Austin and San Antonio,” said Balthrope.
