CRG has sold Broadway Center, a 242-unit community in Fort Worth, Texas, to American Landmark Apartments. Senior Vice President Joey Tumminello of Institutional Property Advisors brokered the transaction.
Broadway Chapter was the first community to be developed as part of CRG’s $1 billion residential development strategy that launched in 2020. The developer funded its construction with a $24.3 million loan originated by Wheaton Bank and Trust, according to Yardi Matrix data. The project team included Cadence McShane Construction, Lamar Johnson Collaborative and Shanna Noelle Khan, who also acted as principal equity investor.
Completed in 2021, the five-story building encompasses studio, one- and two-bedroom apartments, including 15 lofts with 20-foot ceilings. Common-area amenities include a swimming pool, a fitness center, a resident lounge, grilling stations, a dining area, a fire pit and and secure bike storage, as well as a 93,000-square-foot parking garage.
Situated on 2 acres at 401 Hempfill St., the property is close to downtown Fort Worth in Near Southside neighborhood, a hub for the city’s medical district, and less than 1 mile from a 390-unit community that recently traded. Dining and retail options are available in the surrounding area, along South Main Street.