FORT WORTH, Texas, Dec. 18, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Trinity at Left Bank, a 337-unit five-story multifamily property located in the West 7th District of Fort Worth, Texas.
“This was a very competitive sale process,” said Drew Kile, IPA senior managing director. “Endeavor built one of the best wrap properties we have worked on, which closed at 95% occupied, and this location on West 7th with direct access to the Trinity River Trail System and views of downtown Fort Worth was exactly what the buyer pool has been waiting on in the Fort Worth market.” Kile, IPA’s Will Balthrope, Joey Tumminello and Grant Raymond represented the seller, Endeavor Real Estate Group, and procured the buyer, Weinstein Properties. “This was an incredible opportunity to facilitate the sale of the premier asset in the market in the best location overlooking Downtown Fort Worth” added Tumminello. “We were able to bring buyers from around the country who view Trinity at Left Bank as a long-term growth opportunity in one of the fastest-growing cities in the country.”
Completed in 2019, the property is less than a half-mile from Downtown Fort Worth and within walking distance of two retail centers. The Southside Medical District, Lockheed Martin Aeronautics, UNT Health Science Center and Alliance Texas provide nearby employment opportunities. Community residents have direct access to the 100-plus miles of the Trinity River trail system and Trinity Park. Among the property’s many amenities are private kayak and paddleboard ramps, an infinity-edge pool on the roof overlooking the downtown skyline, a third-of-an-acre dog park and on-site bicycle, kayak, and paddleboard rentals and storage. The average unit size is 835 square feet.
“The success of this transaction is a direct result of IPA’s unique ability to cover all major metros and every emerging market in the state of Texas with one team,” commented Balthrope.