FORT WORTH–Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of AMLI 7th Street Station, a 189-unit multifamily community Fort Worth, GlobeSt.com has exclusively learned.
IPA executive director Will Balthrope, IPA director Drew Kile and associate Rowan Burch represented the seller, AMLI Residential Properties LP, and procured the buyer, Fort Worth-based Olympus Property.
“This property is at the epicenter of the booming West 7th Street corridor, just west of downtown Fort Worth,” Balthrope says. “Buyer demand was extremely strong; over 60 investor groups toured the property during our marketing process.”
The property is located at 2601 West 7th St. The barrier-to-entry location is highly visible and walkable in the rapidly expanding area, home to more than 75 specialty retailers, unique dining options and an array of nightlife entertainment–all about a five-minute walk of AMLI 7th Street Station.
“Attracted by the rapid growth in Fort Worth and this market’s outstanding fundamentals, multifamily investors are finding Fort Worth investment opportunities irresistible, and AMLI 7th Street Station is no exception,” says Kile. “This was an opportunity to acquire an irreplaceable, low-density property on almost eight acres in the middle of one of the most vibrant and walkable areas on the country.
“Additionally, the opportunity to modernize the unit interiors to match the newer product in the area provided outstanding rental upside for the new owner, Olympus Property.”
AMLI 7th Street Station apartments feature nine ceilings with crown molding, full-size washer/dryer connections, oversized windows for abundant lighting and irreplaceable views. Select units have travertine wood-burning fireplaces with mantels.
Community amenities include a one-acre dog park, a resort-style pool and heated spa, a social hub and media center, and garden-style courtyards.