Dallas private equity firm backs Fort Worth loft development
July 30,2015
Dallas-based real estate equity firm RCP Properties LLC — an affiliate of Realty Capital Partners— in a joint venture with Baton Rouge, Louisiana-based Ventures Development Group LLC, plans to develop a luxury loft-style apartment building in Fort Worth to cater to medical professionals in the city.
On Tuesday, Fort Worth City Council members approved incentives for the Galderma">possible expansion of Fort Worth's Galderma U.S. headquarters and Smith & Nephew's new U.S. headquarters for its Advanced Wound Management division. If the deals go through, this would bring nearly 400 high-paying jobs to the city.
The 209-unit luxury apartment community will sit on more than two acres of land at 400 S. Jennings Avenue in the Fort Worth Medical District, which includes five major hospitals and thousands of high-paying jobs.
"We believe the timing is right to introduce an up-scale, amenity laden housing option for working professionals in this vibrant and thriving neighborhood," said RCP President Blake Lugash, in a written statement.
Recently, Ventures Development Group has finished a 170-unit apartment community, called the Phoenix, in Fort Worth's Medical District.
The new loft-style development has yet to be named. Upon completion, the community will include a resort style pool, fitness center, a number of lounging areas and an outdoor lounge on the fifth floor of the project with views of downtown Fort Worth.
The project is slated for tenants to begin moving into the building in the fall of 2016.