Recognition of Ft. Worth Potential Culminates in Broadstone Sale

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 heart of Fort Worth’s Near Southside submarket. The development provides 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 of 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. “Alongside our partners at Alliance, we recognized this market’s significant potential, and the success of this project has been a testament to that shared vision.”

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 TEXRail, a 27-mile commuter rail line that will extend from downtown Fort Worth across Tarrant County through North Richland Hills and into DFW International Airport.