FORT WORTH, Texas, July 28, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Bowery at Southside, a transit-oriented, 303-unit multifamily property in the South Main Village development in Fort Worth, Texas.
“The Bowery at Southside benefits from its location within pedestrian-oriented South Main Village and proximity to the Trinity Railway Express T&P terminal and the Near Southside Medical District,” said Drew Kile, IPA senior managing director. “The property’s popularity with renters was clearly demonstrated during a six-month stretch of the lease-up period when it attracted new residents at a pace of 21 leases per month.” IPA’s Kile, Joey Tumminello and Will Balthrope represented the seller, StoneHawk Capital Partners, and procured the buyer, Weinstein Properties. “The Near Southside Medical District’s major hospitals and 40,000 jobs make it Tarrant County’s second-largest employment center,” added Tumminello.
The property is within walking distance of retail, entertainment, dining, cafés and public transportation that connects residents to Downtown Fort Worth and Downtown Dallas. Major Fort Worth employers include Lockheed Martin, TPG Capital and JPMorgan Chase, the Naval Air Station Joint Reserve Base, PAE Applied Technologies LLC, and Alcon Laboratories Inc. There are 9,892 businesses within a three-mile radius and the Fort Worth Convention Center, the Fort Worth Water Gardens and the Sundance Square downtown district are nearby. Completed in 2019 on 7.5 acres, The Bowery at Southside’s apartments and townhomes average 820 square feet. Community amenities include detached garages, a two-level resort-style pool, a sky lounge, and a lawn with a five-hole putting green.
“IPA has a deep network of relationships with investors in every major metro throughout the state and these connections contributed greatly to closing this transaction,” said Balthrope.