Multifamily Ramps Up to Appease Demand
The rapid growth in the metro has resulted in new retail, restaurants and entertainment options opening to serve the influx of new residents, fueling investor demand and opportunities in Fort Worth.
FORT WORTH—During the past several years, there has been rapid growth in the metro with new retail, restaurants and entertainment options opening to serve the influx of new residents and young professionals coming to the area. This continues to fuel investor demand and opportunities both in Fort Worth and across the region.
One example of this multifamily investor demand is Vieux Coulee Apartments. The 264-unit multifamily property located at 3301 River Park Ln. was acquired by Frontline Holdings.
Bridge Investment Group provided the acquisition financing. JLL managing director Mark Brandenburg and vice president David Godvin secured the acquisition financing on behalf of Frontline Holdings.
“With the large amount of new supply in the eastern half of the DFW metroplex, investors have recently placed a heavier emphasis on multifamily in the Fort Worth submarket,” Godvin tells GlobeSt.com. “Rent growth in the Fort Worth/Arlington area has been robust at 3.1% year-over-year while the Dallas/Plano/Irving market has slowed to 1.3%. Due to this slowdown, we are seeing an increased interest in the western half of the metroplex.”
The 1984-built 189,048-square-foot community has amenities such as a fitness center, pool, business center, dog park, clubhouse and direct access to the Trinity Trail system. The multifamily property is less than three miles away from The Shops at Clearfork.
“This is an exciting opportunity for Frontline Holdings and exemplifies the region’s continued growth and interest in multifamily product,” said Godvin.
Job gains in the Dallas/Fort Worth Metroplex continue to rise at a strong pace with wage growth strengthening last year, according to a fourth quarter report by Marcus & Millichap. These trends are propelling a steady rise in the number of households created, of which a large share are moving into apartments. In the first three quarters of 2018, the positive net absorption of nearly 22,300 units was more than any 12-month span in more than a decade. Healthy absorption trends are anticipated to continue as the metroplex’s economic outlook remains strong and developers continue to respond with a deep development pipeline throughout the market.