Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Coventry at Cityview, a 360-unit apartment complex in Fort Worth, Texas.
“Fort Worth is one of the strongest apartment markets in the state of Texas,” said Will Balthrope, IPA executive managing director. Balthrope, Drew Kile, IPA senior managing director, Joey Tumminello, IPA director, and Grant Raymond, IPA associate, represented the seller, Harbor Group International LLC, and procured the buyer, WAK Management Co. “IPA Texas has dominant market share in Fort Worth,” added Kile. “Of our current inventory, Coventry at Cityview represents an asset with exceptional stability and strong cash flow in the exciting southern suburbs.”
Coventry at Cityview is less than one mile south of the intersection of Interstate 20 and Chisholm Trail Parkway, which provides residents with access to major employers, retail, and entertainment centers throughout Fort Worth. Residents are 15 minutes from more than 121,000 high-income jobs in downtown Fort Worth, the Fort Worth Cultural District, Sundance Square, and the Near Southside Medical District. The Clear Fork development, which has 2 million square feet of office space and 1.2 million square feet of retail is three miles from the property and residents are within a 15-minute drive of downtown Fort Worth, which has more than 10 million square feet of office space and 121,000 high-income jobs.
“The strong fundamentals of the submarket and Coventry at Cityview’s historical performance are well aligned,” noted Tumminello.
About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.
