PR Newswire
The Heights of Cityview Apartments
37th Parallel Properties, a Richmond, Virginia-based multifamily real estate investment firm, announce on Wednesday that it had acquired The Heights of Cityview, a 344-unit complex on Bryant Irvin Road built in 1998.
The acquisition mark 37th Parallel’s seventh in Dallas-Fort Worth and 27th in Texas, investing more than $525 million in the state since its inception, according to a press release.
“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,” says Dan Chamberlain, managing partner, in a statement. “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.
“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.
“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,” says 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.”
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 more than 112,000 units nationwide.