SPI Advisory Sells Fort Worth Apartments for $53 Million

Equity Partnership Holdings and Moses Tucker Partners have teamed up for their second multifamily transaction in North Texas.

They acquired the 276-unit Northpoint Villas, at 8100 North Riverside Drive in north Fort Worth, for $52.5 million, the Dallas Business Journal reported. The price comes to $190,200 per unit. Dallas-based SPI Advisory was the seller of the complex, near Alliance Town Center.

The acquisition follows the partners’ September purchase of Firewheel Town Village, a 154-unit apartment complex at 5151 North President George Bush Highway in Garland.

The firms are planning a “long-term presence” in Dallas-Fort Worth, said Chris Moses, president and CEO of Moses Tucker Partners.

Equity Partnership Holdings is based in Denver, and Moses Tucker Partners is based in Little Rock, Arkansas.

They plan to invest to renovate the Fort Worth complex, including roof replacement, exterior paint, clubhouse renovations and enhanced outdoor amenities, with Valiant Residential handling property management.

The venture’s expansion into the region comes at a peak in the market. DFW is one of the nation’s top metro areas for multifamily development, trailing behind New York in terms of its 2024 pipeline. The DFW metro is slated to deliver 32,932 units before the end of the year, just three units shy of the Big Apple’s 32,935 units, according to a RentCafe analysis of Yardi Matrix data.

Multifamily investment sales are relatively strong in Dallas-Fort Worth this year, with significant transactions and developments taking place despite previous market challenges. The Urban Land Institute named the region the top real estate market to watch next year, driven by strong economic fundamentals and a high demand for residential properties.

— Andrew Terrell