Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Cooper, a 390-unit multifamily asset in Fort Worth, Texas.
“Completed in 2021, The Cooper is a fully stabilized asset located in the heart of the Near Southside Medical District,” said Drew Kile, IPA senior managing director. “The property achieved full lease up in just 12 months.” Kile and IPA’s Joey Tumminello, Michael Ware, Taylor Hill, Jeffrey Kindorf and Will Balthrope represented the seller, Lang Partners, and procured the buyer, an affiliate of Lightbulb Capital Group, the family office of Jay Schuminsky. “As institutional and private investors expand their holdings throughout the Metroplex, Fort Worth’s Southside continues to be a favored location,” added Tumminello. “The A-plus location and overall quality of The Cooper contributed to this being the most competitive offering we have seen to date. We closed with the ultimate buyer in seven days.”
The Cooper’s residents can walk to fine dining options, cafés, coffee shops, bars, breweries, and distilleries in the 1,400-acre Near Southside District. The Near Southside Medical District has over 40,000 employees, and there are 50,000 more 1.5 miles away in Downtown Fort Worth. The University of North Texas Health Science Center is two miles from the property and Naval Air Station Joint Reserve Base Fort Worth is within a short drive. Recreation is close by at the 100-plus mile Trinity Trail System and 252-acre Trinity Park.
The Cooper provides residents with an enhanced high-speed Wi-Fi system, a coworking lounge, and a swimming pool with a courtyard, lounge seating and fireplace. The property has a parking garage and reserved parking is available. Apartments have keyless entry systems, 10- to 12-foot ceilings and large patios or balconies. Short-term leases are available for fully furnished select units.
“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.
