One-of-a-kind Fort Worth apartment asset sells
March 1,2021
See full Dallas Business Journal article by Bill Hethcock here.
Kelley at Samuels Ave, a 353-unit multifamily asset in one of the oldest neighborhoods in Fort Worth, has changed hands.
Institutional Property Advisory, a division of Marcus & Millichap (NYSE: MMI), facilitated the sale for an undisclosed amount.
“Among Kelley at Samuels Ave’s extraordinarily unique attributes are an infinity-edge pool that overlooks the Trinity River and downtown and a leasing center and clubhouse that is a recorded Texas Historic Landmark,” Drew Kile, IPA senior managing director, said in a prepared statement.
The landmark is the Garvey House, a Queen Anne Victorian home that was built in 1884 and remodeled to attract new residents to Kelley at Samuels Ave and the revitalized Samuels Avenue neighborhood, Kile said.
Kile, IPA’s Joey Tumminello and Will Balthrope represented the sellers, Embrey and Delta Real Estate Investments.
“The property is one of only five newly constructed assets in Intown Fort Worth with surface parking,” Tumminello said. “The additional revenue streams associated with this amenity increased the property’s appeal and made the bidding process exceptionally competitive.”
The Samuels Avenue neighborhood was established on a bank of the Trinity River shortly after Fort Worth grew from an abandoned military fort into a town. The streets, with rows of Victorian-era homes, are less than one mile from downtown and within minutes of major destinations such as Panther Island, the Fort Worth Stockyards, and the River East and West Seventh Street districts.
Employment centers, including the Near Southside Medical District, the NAS Fort Worth Joint Reserve Base and Alliance Texas are close by. Shopping, dining, and office space are nearby at Sundance Square, Left Bank, Montgomery Plaza and Crockett Row.
Kelley at Samuels Ave’s amenities include a reservable guest suite, an outdoor kitchen, a bike shop, bike storage and dog park with pet spa. The apartments, which average 913 square feet, have garden-style soaking tubs, linen closets, and full-size washers and dryers. Select units have direct access garages and private, fenced backyards.
“The property’s appeal was vividly demonstrated by exceptional leasing velocity that in 2020 averaged 20 leases per month,” said Balthrope.