FORT WORTH, Texas, April 5, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Hidden Lakes Apartments, a 312-unit multifamily asset in Fort Worth, Texas.
“Built in 1996, Hidden Lakes is a low-density property that provides the new owner with an outstanding cash flow opportunity and value-add upside through a unit enhancement program,” says Will Balthrope, executive director.
Balthrope, Drew Kile, senior director, and Joey Tumminello, associate, represented the seller, New York-based Beachwold Residential, and procured the buyer, Texas-based CAF Capital Partners.
“Hidden Lakes is located near major transportation arteries that have recently undergone major expansions, and the improved connectivity will drive rapid growth as the major job centers of Alliance to the north and Downtown Fort Worth to the south are now more easily accessible to residents,” adds Kile.
Hidden Lakes Apartments is situated within the Northeast Fort Worth/North Richland Hills submarket near the intersection of Fossil Vista Drive and North Beach Street, approximately one mile from the Interstate 820/Interstate 35W interchange. One of Tarrant County’s busiest intersections, the interchange provides access to downtown Fort Worth, Alliance and Dallas/Fort Worth International Airport. The interchange is undergoing a major expansion. When completed, it will give residents quicker access to Fort Worth’s central business district and over 120,000 jobs. The Alliance Texas corridor has more than 50 employers, over 30,000 employees, and is located four miles away. The 1,300-acre, master-planned Mercantile Center business park is also nearby.
“The new owner will be able to reach a sweet spot in the market with upgraded units as Class A properties closer to Downtown Fort Worth garner significantly higher rents, leaving a space in the market for quality, modern apartments at a mid-level price point,” notes Tumminello.