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