Equity Partnership Holdings and Moses Tucker Partners have purchased a large apartment complex in north Fort Worth.
The deal marks the second time the firms have teamed up to complete a multifamily transaction in North Texas. The 276-unit Northpoint Villas, located at 8100 North Riverside Drive, was purchased for $52.5 million, equivalent to just over $190,000 per unit.
Both firms are based out of state, with Equity Partnership hailing from Denver and Moses Tucker based in Little Rock, Arkansas. This deal follows a joint acquisition the duo previously made in September of Firewheel Town Village, a 154-unit complex in Garland.
“Here you can enjoy the convenience of being part of a vibrant community, while still reaping the benefits of a private apartment neighborhood planned in harmony with nature. Relax in our pools, get fit in our state-of-the-art fitness center, or stop by and surf the internet in our new cyber cafe. Northpoint Villas offers what you desire most; open, spacious floor plans and a new level of customer service,” reads a description of the building on the Northpoint website.
SPI Advisory, based in Dallas, was the seller in the transaction. As detailed last year in The Dallas Express, the property investment firm owns apartment communities throughout the state, including Austin, San Antonio, and Tyler.
The new owners plan to replace the roof on Northpoint Villas, refresh the exterior paint, renovate the clubhouse, and enhance outdoor amenities. Valiant Residential will manage the property.
Despite a sometimes challenging market, Dallas-Fort Worth is expected to see 32,932 new units online by the end of the year, only three less than New York City’s 32,935 forecasted units.
Last month, The Dallas Express reported that accounting firm PwC ranked Dallas-Fort Worth as the No. 1 market to watch moving into 2025, according to surveys conducted for its “Emerging Trends in Real Estate Report.”
