Newer Multifamily Product Gets Snapped Up by Investor

The Reserve at Village Creek is located in a high-growth submarket with no new apartment supply.

BURLESON, TX—Built in 2012, The Reserve at Village Creek is located at 444 East Renfro St., with visibility and frontage on Interstate 35W, which provides direct access to downtown Fort Worth. The 191-unit apartment community recently sold and the terms of the sale were not released. Will Balthrope , IPA executive director, along with Drew Kile , IPA director, and Rowan Burch , IPA associate, represented the undisclosed seller and procured the undisclosed buyer. “Located just 15 minutes south of downtown Fort Worth, Burleson is one of the Metroplex’s strongest performing submarkets,” adds Kile. “Residents can be in downtown Fort Worth or the Fort Worth Medical District in just 10 minutes.” Units at The Reserve at Village Creek have custom cabinetry, black appliances, island-style kitchens with granite countertops, and washers and dryers. Community amenities include a fitness center and a swimming pool. “Burleson is quickly becoming a highly desirable community within the Dallas/Fort Worth Metroplex due to its proximity to major job centers, excellent school system and low cost of living,” says Balthrope. “The Reserve at Village Creek is located in a high-growth submarket with no new apartment supply.” The community is in close proximity of the Fort Worth Medical District. Texas Health Hughley Hospital is three miles from the property and Alcon Laboratories , the world’s leading manufacturer of eye care products, is six miles away. Other nearby major employers include Wagner-Smith Equipment, Stuart Industries, Airforce Airguns, Chicken E Food Service, AxoGen Inc. and LKQ Corp. Hill College and Texas Wesleyan University at Burleson are both one-half mile from the apartment home community. Kile tells GlobeSt.com: “The DFW market remains robust for multifamily, supported by continued strong job growth. The western side of the Metroplex is actually outperforming the broader DFW market due to a lack of significant new supply. Additionally, high-quality suburban locations such as Burleson are seeing even greater strength due to virtually no new supply and a pricing advantage against the much more expensive product in the core of Fort Worth.” Institutional Property Advisors (IPA) is a division of Marcus & Millichap specializing in serving institutional and major private real estate investors.