FORT WORTH—River Park is a 280-unit garden-style multifamily community located at 3309 River Park Dr. in southwest Fort Worth. Built in 1985, this 27-building community sits on 9.8 acres and offers a mix of one- and two-bedroom units.

Westmount Realty Capital LLC recently acquired the property, its first in Fort Worth, for an undisclosed purchase price. The firm plans a number of upgrades in the foreseeable future.

"River Park presented Westmount with the opportunity to acquire a well-maintained multifamily community with significant value-add potential in a strong submarket of Fort Worth," said Michael Anderson, managing director of multifamily acquisitions at Westmount. "Along with interior and exterior renovations, Westmount will modernize and reactivate the property's amenity package which will include an updated clubhouse, outdoor Wi-Fi, contemporary pool furnishings, a new community package locker system and the addition of 60 covered parking spaces."

River Park offers open floorplans with wood-burning fireplaces, stainless steel appliances, washer/dryer connections and spacious patios with additional storage. The community provides residents with a large fitness center, a business center, a complimentary coffee bar, a courtesy kitchen and two on-site laundry centers. Exterior amenities include an outdoor pavilion with a flat screen television, fire pit, kitchen, bar area, gas grills and ample seating, a swimming pool with a fountain and lounge area, multiple gathering spaces with seating, and an on-site dog park with benches.

"Westmount has been active in the multifamily space in North Texas for 30 years, but the acquisition of River Park marks our first multifamily purchase in Fort Worth," said Cliff Booth, CEO of Westmount. "Fort Worth has strong economic fundamentals, steady growth and a multifamily occupancy rate that is higher than the national average. These traits make the Fort Worth market very appealing and Westmount is actively looking for multifamily investment opportunities in similar markets across the Southwest."

River Park is within walking distance to the Trinity Trails, a 70-mile trail system that winds along the Trinity River and connects to 31 neighborhoods and 21 parks. Trinity Trails offers walkers, hikers, bicyclists and horseback riders access to kayak launches, geocaching and fishing spots.

With proximity to Interstate 20, Highway 183, Bryant Irvin Road and the recently completed Chisholm Trail Parkway, River Park provides access to the major employment hubs, entertainment districts and cultural centers of downtown Fort Worth. The community is also less than five miles from Texas Christian University and the retail destinations of The Shops at Clearfork and University Park Village.

"Westmount at River Park offered an attractive opportunity to enter the Fort Worth market due to its tremendous value-add potential and location in the prestigious River Park neighborhood, which boasts a robust mix of amenities, accessibility and strong market fundamentals," Booth tells GlobeSt.com. "The property offers access to several major employers, shopping and dining destinations, and infrastructure projects. The local economy is one of the most diverse in the country with major players in key long-term growth industries including aerospace/defense, transportation, healthcare, financial services, technology, distribution and trade."

The Dallas-Fort Worth metroplex consistently ranks at the top in population and job growth, and is projected to lead the nation in absolute change in population growth, while also ranking fourth nationally in absolute change in job growth during the four-year period from 2019 ending in 2024, according to Oxford Economics.

Instant Insights /

First Buy in Fort Worth Due to Value-Add, Location

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