Applesway Investment Sells Fort Worth Property
Applesway Investment has sold The Crossings820, a 418-unit community in Fort Worth, Texas. Marcus & Millichap represented the seller and procured the buyer, a private Dallas-based investment group, which closed the deal after 90 days.
The property was subject to a Fannie Mae loan of $28.3 million in 2019, according to Yardi Matrix data. Built in four phases between 1967 and 1971, the community encompasses one-, two- and three-bedroom apartments with 23 different floorplans.
Common-area amenities include a clubhouse, three swimming pools and four laundry facilities. The previous owner had invested nearly $3.5 million in capital improvements at the property since 2015.
Located at 4151 SW Loop 820, the property is roughly 40 miles from Dallas and 10 miles from downtown Fort Worth, while providing easy access to Interstate 20. The community is also close to entertainment venues and parks, such as Urban Air Trampoline and Adventure Park, as well as Pecan Valley Park and its golf course. Dining and retail options are available in the surrounding area, along Granbury Road and Trail Lake Drive.
Senior Managing Director Al Silva of Marcus & Millichap was the exclusive agent in the transaction.
The Dallas-Fort Worth multifamily market led the nation in 2021 for investment and inventory expansion, with a sales volume of $14.6 billion. Recently, Tides Equities has acquired two communities in Fort Worth, totaling 448 units and representing their 41st and 42nd acquisitions in Greater Dallas.