FORT WORTH, TX – thirty seventh Parallel Properties, a ;Richmond, VA-based multifamily actual property funding agency, introduced the current acquisition of The Heights of Cityview, a 344-unit, 1998-built multifamily asset positioned in Fort Value, Texas on behalf of their buyers and three way partnership companions. This marks the agency’s seventh (7) acquisition within the Dallas-Fort Value metro and twenty-seventh (27) in Texas, investing over $525 million within the state since its inception.
“We’re excited to increase our Dallas-Fort Value footprint with The Heights of Cityview acquisition, an institutional-quality asset in one of many quickest rising Fort Value submarkets,” mentioned Dan Chamberlain, Managing Accomplice. “With its inexpensive price of residing, business-friendly local weather, and report in-migration, Dallas-Fort Value has develop into a best choice for company relocations and expansions, driving strong inhabitants and job development. The property is strategically positioned in Southwest Fort Value close to the Chisholm Path Parkway, a $1.4 billion tollway connecting the Benbrook suburbs with downtown Fort Value. This tollway has remodeled the submarket, giving residents the flexibility to commute inside minutes to a few of the metropolis’s largest financial facilities,” says Chamberlain.
The property options a mixture of one-, two-, and three-bedroom items with massive floorplans averaging 984 sq. ft. The all-brick building, low-density, and direct entry garages present a neighborhood really feel. Residence and group facilities embody 9 and ten-foot ceilings, 116 direct-access garages, renovated leasing middle, clubhouse, and health middle, in addition to a resort-style pool with poolside placing inexperienced.
“The Heights of Cityview acquisition marks a continuation of our thematic funding technique targeted on buying institutional, core-plus, low-density product positioned in dynamic submarkets throughout the South and Southeast’s main development markets,” mentioned Doug Fraser, who heads the acquisition efforts for the agency. “The property has skilled vital rental development as demand for high-quality, low-density, backyard product has rapidly outpaced provide, largely as a result of results of the COVID-19 pandemic and expanded do business from home insurance policies. We look ahead to persevering with to increase our presence within the Dallas-Fort Value metro as we search for engaging alternatives amid market volatility,” says Fraser.
The asset will profit from floating-rate company debt, organized by Cutt Ableson of Berkadia. The property will probably be managed on-site by RPM Dwelling, based in Austin, which manages over 112,000 items nationwide. thirty seventh Parallel extends its appreciation to Taylor Hill of Institutional Property Advisors, who represented the Vendor within the transaction.