A joint venture of CP Capital, a highly disciplined U.S. real estate manager specializing in multifamily investments, and Alliance Residential (“Alliance”), a global leader in the investment, development, and management of high-quality rental housing properties, today announced it has sold Broadstone Southside - a 179-unit multifamily development in Fort Worth, Texas.
The buyer and purchase price were not disclosed.
Located at the corner of Daggett Avenue and South Houston Street, Broadstone Southside is in the heart of Fort Worth’s Near Southside submarket. The development provides easy access to South Main Street and the new South Main Village, which features restaurants, retail, office, and medical/hospital space.
The project delivered in November 2020 and stabilized in early August of this year, averaging just under 20 leases per month during that timeframe.
“We’re thrilled to complete the sale of this project, having achieved our goals of bringing high-quality apartment homes to this area of Fort Worth and generate significant returns for our investors in the process,” said Paul Doocy, Co-Head of CP Capital. “Alongside our partners at Alliance, we recognized this market’s significant potential, and the success of this project has been a testament to that shared vision. We look forward to continuing our partnership in the future and to delivering multifamily developments that can fuel the growth of cities across the country.”
Units at Broadstone Southside feature Class-A finishes including granite countertops and stainless-steel appliances. Residents also have access to amenities such as a 24-hour state-of-the-art fitness center, a resort-style swimming pool, a dog park, and an entertainment patio with an outdoor fire pit and grilling areas.
The project is located within a short walk of the current Trinity Railway Express Commuter Rail station, connecting Fort Worth and Dallas, as well as a planned station for the new TEXRail - a 27-mile commuter rail line that will extend from downtown Fort Worth across Tarrant County, through North Richland Hills, and into DFW International Airport. The location is also ideal for drivers, offering easy accessibility to I-30 and I-35.
CP Capital, formerly known as HQ Capital Real Estate, previously partnered with Alliance on Broadstone Passerelle, a 210-unit development in Orlando, Florida, and Broadstone 25 One 20, a 339-unit development in Houston, Texas.