CRG Completes Sale of Broadway Chapter in Fort Worth to American Landmark Apartments
Developer and owner CRG sells 242-unit apartment community nine months after opening
FORT WORTH, Texas (June 9, 2022) — CRG, the national real estate development and investment firm, today announced it has completed the sale of Broadway Chapter, a five-story, 320,646-square-foot, newly-constructed rental community with 242 apartments at 401 Hemphill St. in Fort Worth’s Near Southside district. American Landmark Apartments, a Tampa, Fla.-based real estate investment group focused on multifamily, office and industrial assets, purchased the property on June 6. Joey Tumminello, senior vice president of Institutional Property Advisors in Texas brokered the sale.
Completed in July 2021, Broadway Chapter is the first multifamily development delivered as part of CRG’s $1 billion residential investment strategy, which it announced in November 2020. The firm aims to develop high-quality multifamily housing for middle-income earners in first- and second-ring suburbs in select urban markets throughout the Sun Belt.
Design specialist and executive Shanna Noelle Khan worked with architect Lamar Johnson Collaborative (LJC), to create a mix of studio, one- and two-bedroom apartments, including 15 one-bedroom lofts boasting 20-foot ceilings. Indoor amenities include a state-of-the-art fitness center with Peloton bicycles and a yoga area, a resident lounge with coffee bar and a lush library space. Khan applied purposeful, value-conscious interior design services to diverse elements of the layout, fit, finish, components and materials to enhance the project’s rooms and common spaces and acted as a principal equity investor.
Outdoor recreational amenities include a landscaped courtyard and sun deck with an infinity-edged swimming pool, in-pool loungers, grilling stations, dining areas, fire pit and terrace seating. Additional resident amenities include secure bike storage and a five-story, 93,000-square-foot parking garage that features a 5,000-square-foot mural created by North Texas artist Eric ‘Drigo’ Rodriguez.
According to CBRE, the Dallas-Fort Worth market leads the nation in multifamily investment due to its strong market fundamentals, including anticipated population growth outpacing the nation by 250% over the next five to seven years and an 18.5% increase in rental rates year-over-year. The area is expected to continue to outperform in the coming years.
“American Landmark Apartments is a leading investor in the multifamily sector and its acquisition of Broadway Chapter is a testament to the soundness of our national residential strategy to deliver high-quality housing to middle-income earners in the top-tier neighborhoods of rapidly growing Sun Belt cities,” said J.J. Smith, CRG managing partner, residential. “CRG’s vertically integrated planning-design model allowed us to nimbly and efficiently deliver a superior residential development that stabilized in under a year, resulting in a solid return for our investors.”
Broadway Chapter is ideally positioned in Fort Worth’s Near Southside district, a mixed-use, walkable urban neighborhood located less than one mile from the city’s downtown that serves as a hub for more than 70 creative design firms, along with the city’s medical district where the area’s largest hospitals are located.
Construction was completed by Dallas-based Cadence McShane Construction, a full-service builder specializing in the education, multifamily, senior living, commercial, and industrial market sectors.
CRG is a privately held national real estate development and investment firm that has developed more than 10,000 acres of land and delivered over 210 million square feet of commercial, industrial, institutional and multifamily assets exceeding $13 billion in value. CRG leverages a powerful North American platform with local market expertise and offices in Atlanta, Chicago, Seattle, Southern California, St. Louis, Philadelphia and Phoenix. CRG’s philosophy of developing for the future and anticipating the enhanced needs of next-generation users led to the creation of its industrial brand, The Cubes, and its multifamily brand, Chapter. For more information, visit CRG’s website at realcrg.com.
LJC is a full-service design and architecture firm committed to enhancing the quality of the human experience and to improving how design and architecture can impact each individual’s emotional being. By harnessing the power of integrated design, including architecture, workplace strategy, interior design, landscape architecture, urban planning and engineering, the company achieves its clients’ goals and aspirations. For more information, please visit www.theljc.com.
About Cadence McShane Construction Company:
Cadence McShane Construction Company is the builder of choice in the state of Texas and its surrounding region, specializing in the Education, Multifamily, Senior Living, Commercial, and Industrial market sectors. As a highly-experienced provider of general construction, design- build, and construction management, Cadence McShane deploys a culture of relentless service with an entrepreneurial spirit that originates from the inside of each individual and helps constantly deliver reliable results of excellence. Since 1985, our dedication and commitment to this philosophy have built a solid foundation of expertise for everything we do. For additional information, visit the firm’s website at www.cadencemcshane.com.
About Shanna Khan:
Shanna Noelle Khan is the newly elected President of the Urbana Golf & Country Club, which operates an 18-hole Tom Bendow-designed private golf course and related hospitality facilities in Champaign-Urbana, Illinois. Combining her real estate design proficiency with business acumen, Ms. Khan advised on and implemented the Club’s recent world-class resort, spa, and country club renovations. From its formation until January 2022 business combination with Sky Harbor, LLC, Ms. Khan was an independent director of Yellowstone Acquisition Company (Nasdaq: YSAC). Shanna holds a Bachelor of Science in Accountancy degree from the University of Illinois at Urbana-Champaign. She is a director of the Jacksonville Jaguars Foundation, a charity providing strategic financial, networking, and volunteer support benefitting economically and socially disadvantaged youth and families in Jacksonville Florida, a director of the Khan Foundation, Inc., a charitable purpose foundation, and serves on the Development Board at PAWS Chicago, a non-profit animal shelter organization based in Chicago, Illinois.
Ms. Khan oversees the largest equity stakes in (i) the Jacksonville Jaguars, a professional football club that operates an NFL team in Jacksonville, Florida; (ii) Union Jax, a sports promotion business that operates in London, England; (iii) Bold Events, which operates Daily’s Place Amphitheater, Jacksonville, Florida’s premier outdoor entertainment venue; (iv)Four Seasons Hotel Toronto, a 259-suite five-star luxury Four Seasons hotel in Toronto, Ontario; (v) Fulham Football Club, an English Premier League soccer club in London, England; (vi) Flightstar, an aviation management service located at Willard Airport in Savoy, Illinois; and (vii) Urbana Golf & Country Club. Ms. Khan is also a key investor in a 262-room Virgin Group branded hotel in Nashville, Tennessee, and numerous other domestic and international businesses, including global automotive component manufacturer Flex|N|Gate Group.