JV Sells Broadstone as Part of Multifamily Enrichment Goal

A joint venture of CP Capital and Alliance Residential recently sold Broadstone Southside, a 179-unit multifamily development in Fort Worth. The buyer and purchase price were not disclosed.

Located at the corner of Daggett Avenue and South Houston Street, Broadstone Southside is in the Near Southside submarket. The development has access to South Main Street and the new South Main Village which features restaurants, retail, office and medical/hospital space.

The project delivered in November 2020 and stabilized in early August this year, averaging slightly less than 20 leases per month during that timeframe.

“We’re thrilled to complete the sale of this project, having achieved our goals of bringing high-quality apartment homes to this area of Fort Worth and generate significant returns for our investors in the process,” said Paul Doocy, co-head of CP Capital. “We look forward to continuing our partnership in the future and to delivering multifamily developments that can fuel the growth of cities across the country.”

The project is located within a short walk of the current Trinity Railway Express Commuter Rail station, connecting Fort Worth and Dallas as well as a planned station for the new 27-mile commuter TEXRail.