April 16, 2020 — Westmount Realty Capital, LLC announced the acquisition of River Park, a 280-unit, garden-style multifamily community located at 3309 River Park Dr. in southwest Fort Worth. Built in 1985, this well-maintained, 27-building community sits on 9.8 acres and offers a mix of one- and two-bedroom units.
“River Park presented Westmount with the opportunity to acquire a well-maintained multifamily community with significant value-add potential in a strong submarket of Fort Worth,” said Michael Anderson, managing director – multifamily acquisitions at Westmount. “Along with interior and exterior renovations, Westmount will modernize and reactivate the property’s amenity package which will include an updated clubhouse, outdoor Wi-Fi, contemporary pool furnishings, a new community package locker system and the addition of 60 covered parking spaces.”
River Park offers open floorplans with wood-like flooring, wood burning fireplaces, stainless steel appliances, ceiling fans in both the living rooms and bedrooms, washer/dryer connections and spacious patios with additional storage. The community provides residents with a large fitness center, a business center, a complimentary coffee bar, a courtesy kitchen and two on-site laundry centers. Exterior amenities include an outdoor pavilion with a flat screen television, fire pit, kitchen, bar area, gas grills and ample seating; a swimming pool with a fountain and lounge area; multiple gathering spaces with seating; and an on-site dog park with benches.
River Park is within walking distance to the Trinity Trails, a 70-mile scenic and safe trail system that winds along the Trinity River and connects to 31 neighborhoods and 21 parks. Trinity Trails offers walkers, hikers, bicyclists and horseback riders a scenic view and access to kayak launches, geocaching and fishing spots.
With proximity to Interstate 20, Highway 183, Bryant Irvin Road and the recently completed Chisholm Trail Parkway, River Park provides access to the major employment hubs, entertainment districts and cultural centers of Downtown Fort Worth. The community is also less than 5 miles from Texas Christian University and the upscale retail destinations of The Shops at Clearfork and University Park Village.
“Westmount has been active in the multifamily space in North Texas for 30 years, but the acquisition of River Park marks our first multifamily purchase in Fort Worth,” said Cliff Booth, CEO of Westmount. “Fort Worth has strong economic fundamentals, steady growth and a multifamily occupancy rate that is higher than the national average. These traits make the Fort Worth market very appealing and Westmount is actively looking for multifamily investment opportunities in similar markets across the southwest.”