FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Alexan Summit, a 372-unit apartment community in Fort Worth. Built in 2018 in between the West Seventh and Near Southside Medical districts, the property features studio, one- and two-bedroom units with an average size of 866 square feet. Select units offer terraces, balconies or private yards. Amenities include a pool, fitness center, clubhouse, coffee bar, business center, pet park and an Amazon package locker system. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Jeffrey Kindorf and Will Balthrope of IPA represented the seller, a partnership between an affiliate of Trammell Crow Residential and Phoenix Capital Management LLC, in the transaction. The buyer, a partnership between Busboom Group and Archwood Real Estate, has rebranded the property as The Drake on Summit. The property was 96 percent occupied at the time of sale.
Alexan Summit in Fort Worth totals 372 units. The property was built in 2018.
IPA Brokers Sale of 372-Unit Alexan Summit Apartments in Fort Worth
684