Southlake-based Sapient Capital Group has purchased a 240-unit multifamily complex in the Magnolia Urban Village community of Fort Worth.
The Mag & May apartment complex was built in 2019 and has an average unit size of 778 square feet. Located at 315 W Magnolia Avenue, it’s just a mile from Downtown Fort Worth.
Marcus & Millichap represented Sapient in the transaction, and the seller, Abacus Capital Group, was represented by Institutional Property Advisors’ Taylor Hill. The financial terms of the deal were not disclosed.
Mag & May is near the JPS Health Network, a major employer.
“The property’s location places it at the epicenter of the Near Southside Medical District, which has the highest density of medical jobs in the Dallas-Fort Worth region and with 40,000 jobs is Tarrant County’s second-largest employment center,” said Taylor Hill, senior vice president of IPA.
The medical scene in Dallas is growing, with not only new facilities being built but investors looking to finance expanding their medical portfolios in the city as the life-sciences market grows.
A recent report from CBRE found that Dallas ranks among the top 25 life sciences markets in the United States, and continues to grow.
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