More apartments for east Fort Worth
The following article was published by the Dallas Business Journal on August 18, 2022.
Nine-building apartment project heading to east Fort Worth
Aug 18, 2022, 7:36am CDT Updated: Aug 18, 2022, 2:33pm CDT
Note: A previous version of this story stated an incorrect estimated cost for this project based on
information listed in a public filing with TDLR. The figure has been updated with the correct cost.
A new 9-building apartment development is in the works for east Fort Worth.
Located at 7124 Anderson Boulevard, the project is to the east of the intersection of Interstate 30 and Interstate 820. The development is expected to total 250,000 square feet, with groundbreaking slated for November.
The project, called Vic Centre, has an estimated price tag of $63.5 million. The project is expected to deliver in 2026, according to documents submitted to the Texas Department of Licensing and Regulation. Each of the buildings will be three stories.
Utah-based Summa Terra Ventures is behind the project. The ground-up multifamily construction firm has been in the North Texas market for the past three years and focuses on apartments, townhomes, condominiums and mixed-use projects.
“Being in DFW was very exciting for us, especially Fort Worth,” said Mike Watson, CEO of Summa Terra Ventures. “Fort Worth, year over year, has had robust rental increases. Occupancy is fantastic.”
Vic Centre will total 268 units, including 54 studio units, 108 one- bedroom units and 106 two-bedroom units. Amenities include a pool and a pickleball court.
Summa Terra Ventures has several other projects in North Texas, including another project in Fort Worth totaling 144 units and a project in Gainesville totaling 756 units. Vic Centre is being designed by Wright Group Architects - Planners.
There are currently about 11,500 multifamily units under construction in Fort Worth, according to CBRE’s Dallas/Fort Worth Multifamily Figures Q2 report. Year-over-year rent growth as of Q2 has reached 16% in Fort Worth, and the market currently has 96% occupancy.
Dallas Business Journal