Applesway Investments has sold The Crossings 820, a 418-unit value-add community in Fort Worth, Texas. Marcus & Millichap worked on behalf of the seller and procured the buyer, Dallas-based Common Sense Ventures.

The buyer took $44 million in acquisition financing from Voya Investment Management, public records show. That loan matures in 2025.

Although the seller has invested around $3.5 million in capital improvements since 2015, replacing the buildings’ roofs over five years, the property has not yet undergone a programmatic unit upgrade. Consequently, the asset, constructed between 1967 and 1971, provides significant value-add opportunities. The Crossings 820 encompasses floorplans ranging from one to three bedrooms.

Located at 4151 SW Loop 820, the property is in southwest Fort Worth. The annual median income is close to $72,000 within 1 mile of the property. The nearest competing property is roughly 2 miles away, according to prepared remarks from Al Silva, senior managing director at Marcus & Millichap’s Fort Worth office.

The community is 10 miles from downtown Fort Worth and is a short distance from several retailers, schools, and employment hubs, including Hulen Mall, Texas Christian University, and The Sygma Network.

The Dallas-Fort Worth multifamily market remained strong during the first quarter of 2022. The market absorbed 6,978 units during the first three months of the year, absorbing 49% more than the total units delivered, according to data from CBRE. The metro’s occupancy rate also increased 30 basis points to 97.4% quarter-over-quarter, exceeding the record high of 97.1% recorded at the end of 2021.