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10/24/14
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Transwestern Development Co has purchased approximately five acres in Fort Worth, TX for The Grove at Waterside, a 385-unit, luxury multifamily development scheduled to break ground in first-quarter 2015. The residential community will join up to 200k sf of retail and restaurants – including Fort Worth’s first Whole Foods Market – in Waterside, a 63-acre, walkable, master-planned development also featuring 20 acres of multifamily units and townhomes, 100k sf of office space and a signature boutique hotel.
The Grove at Waterside provides direct access to downtown Fort Worth via the new Chisholm Trail Pkwy and is located approximately six miles southwest of the Fort Worth Central Business District, two miles east of Texas Christian University and just south of the Clearfork mixed-use development.
The apartment development will take advantage of Waterside’s walkable retail amenities and the scenic location along the Trinity River. The average apartment home will be 890 sf and feature high-quality interior finishes and Class A amenities. The two residential buildings will be four and five stories, and will include private garages and a structured parking garage.
Transwestern Principals Kirk Kelly, Jack Huff and Kyle Poulson negotiated the sale of the 63-acre tract on behalf of the seller, Corporate Employees Recreation Association, formerly the Lockheed Martin Recreation Association. Trademark Property Co, in partnership with Sarofim Realty Advisers, purchased the land for an undisclosed amount. Transwestern Development Co with its partner, Crow Family Holdings, then acquired five acres for The Grove at Waterside from Trademark Property. A construction loan for the project is provided by JPMorgan Chase.
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