Apartments in Fort Worth and Euless sell to out-of-state investors
Two Tarrant County residential communities sold to real estate investors outside of the state to upgrade their Texas portfolios.
Florida-based American Landmark Apartments purchased the View at Fort Worth Apartments at 1852 N. Eastside Drive north of downtown. The 300-unit rental community, built in 2018, has been renamed Shelby at Northside.
The acquisition increases American Landmark’s Dallas-Fort Worth portfolio to 18 apartment properties.
“This is a brand new luxury property in a great location in the sought-after Fort Worth submarket,” said Christine DeFilippis, chief investment officer for American Landmark, in a statement. “Suburban sunbelt markets like this one have outperformed other markets over the past year as immigration from major cities and high-tax countries has been strong.”
The new owner plans to upgrade the apartments, pool deck area, fitness center and landscaping.
In Euless, the Riverside Villas apartments with 180 residential units were sold to First Capital Advisors from Chicago. Trinity Postoak Ltd. based in Dallas sold the rental community as part of a sale brokered and financed by CBRE Capital Markets.
The apartments at 3741 Post Oak Blvd. were built in 2019. The parish was 94% occupied at the time of the sale, brokered by Chris Deuillet, Jeremy Faltys, and William Hubbard of CBRE.
“This was one of our first assets to market in a post-COVID environment and Dallas-Fort Worth is still a very desirable location for solid returns,” Deuillet said in a statement. “I was surprised [by] the interest we received. “
The Euless property is First Capital Advisors’ second home purchase in North Texas.