Partnership Acquires 372-Unit MF Community in Fort Worth

A partnership between Busboom Group and Archwood Real Estate has acquired Alexan Summit, a 372-unit apartment community in Forth Worth. Upon acquisition, the property will now be known as The Drake on Summit.

Built in 2018, the property is visible from Interstate 30, and within walking distance of numerous restaurants, bars, and entertainment options. The University of Texas Health Science and Center Naval Air Station Fort Worth are two of the many employment centers situated close to the property. Community amenities include a pool, coffee bar, six-floor parking garage, coworking space and views of Trinity Park, and the Trinity River. The property was 96 percent occupied at the time of sale.

Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Jeffrey Kindorf and Will Balthrope of Institutional Property Advisors (IPA) represented the seller in the transaction, an affiliate of Trammell Crow Residential and Phoenix Capital Management LLC.