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37th Parallel Properties, a Richmond, VA-based multifamily real estate investment firm, is pleased to announce the recent acquisition of The Heights of Cityview, a 344-unit, 1998-built multifamily asset located in Fort Worth, Texas on behalf of their investors and joint venture partners. This marks the firm’s seventh (7) acquisition in the Dallas-Fort Worth metro and twenty-seventh (27) in Texas, investing over $525 million in the state since its inception.
“We are excited to expand our Dallas-Fort Worth footprint with The Heights of Cityview acquisition, an institutional-quality asset in one of the fastest growing Fort Worth submarkets,” said Dan Chamberlain, Managing Partner in a statement. “With its affordable cost of living, business-friendly climate, and record in-migration, Dallas-Fort Worth has become a top choice for corporate relocations and expansions, driving robust population and job growth. The property is strategically located in Southwest Fort Worth near the Chisholm Trail Parkway, a $1.4 billion tollway connecting the Benbrook suburbs with downtown Fort Worth. This tollway has transformed the submarket, giving residents the ability to commute within minutes to some of the city’s largest economic centers,” says Chamberlain.
The property features a mix of one-, two-, and three-bedroom units with large floorplans averaging 984 square feet. The all-brick construction, low-density, and direct access garages provide a neighborhood feel. Apartment and community amenities include nine and ten-foot ceilings, 116 direct-access garages, renovated leasing center, clubhouse, and fitness center, as well as a resort-style pool with poolside putting green.
“The Heights of Cityview acquisition marks a continuation of our thematic investment strategy focused on acquiring institutional, core-plus, low-density product located in dynamic submarkets within the South and Southeast’s leading growth markets,” said Doug Fraser, who heads the acquisition efforts for the firm. “The property has experienced significant rental growth as demand for high-quality, low-density, garden product has quickly outpaced supply, in large part due to the effects of the COVID-19 pandemic and expanded work from home policies. We look forward to continuing to expand our presence in the Dallas-Fort Worth metro as we look for attractive opportunities amid market volatility,” says Fraser.
The asset will benefit from floating-rate agency debt, arranged by Cutt Ableson of Berkadia. The property will be managed on-site by RPM Living, founded in Austin, which manages over 112,000 units nationwide. 37th Parallel extends its appreciation to Taylor Hill of Institutional Property Advisors, who represented the Seller in the transaction.