| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Good |
| Demographics | 79th | Best |
| Amenities | 15th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3450 River Park Dr, Fort Worth, TX, 76116, US |
| Region / Metro | Fort Worth |
| Year of Construction | 1998 |
| Units | 64 |
| Transaction Date | 2021-08-26 |
| Transaction Price | $42,959,000 |
| Buyer | GEP X RIVER PARK LLC |
| Seller | RS APARTMENTS LLC |
3450 River Park Dr Fort Worth Multifamily Investment
Stabilized renter demand and solid neighborhood demographics support income durability, according to WDSuite’s CRE market data, with occupancy patterns measured for the neighborhood rather than the property itself. Built in 1998, the asset competes well versus older nearby stock while leaving room for targeted upgrades.
The property sits in an Inner Suburb of Fort Worth with a B+ neighborhood rating, competitive among Fort Worth-Arlington-Grapevine neighborhoods (ranked 201 of 561). Neighborhood occupancy is roughly in line with metro norms, supporting steady leasing without relying on outsized concessions. Renter-occupied housing comprises a meaningful share of units in the neighborhood (measured as renter concentration), indicating depth in the local tenant base for multifamily operators.
Within a 3-mile radius, population and household counts have expanded over the past five years, and forecasts point to further population growth and a sizable increase in households by 2028. This translates to a larger renter pool and supports occupancy stability for well-maintained properties. Median household incomes in the 3-mile area have trended higher, reinforcing the ability to sustain market rents and retention through lease cycles.
Neighborhood rent levels benchmark near the 70th percentile nationally, per WDSuite’s CRE market data, while the local rent-to-income ratio sits around the national median—an investor-friendly mix that supports pricing power with manageable affordability pressure. Ownership remains a high-cost option here relative to incomes (value-to-income metrics are in the mid‑80s percentile nationally), which tends to sustain reliance on multifamily housing and can aid lease retention.
Local amenity density for daily needs (grocery, pharmacy, cafes) is limited within the immediate neighborhood footprint; however, park access ranks in the top quartile nationally, offering recreational appeal that can enhance resident satisfaction. The average neighborhood construction year skews older (early 1980s), so a 1998-vintage property is comparatively newer than much of the nearby stock, which can help with competitive positioning while still warranting selective modernization as systems age.
Neighborhood safety metrics are competitive among Fort Worth-Arlington-Grapevine neighborhoods (crime rank 148 out of 561), and overall conditions align roughly with national averages (around the 50th percentile nationally). This framing is neighborhood-level, not specific to the property.
Recent trends are directionally positive: estimated property offenses declined sharply year over year (top-quartile improvement nationally), and violent offense rates show modest improvement. Investors should view these as supportive signals while continuing standard risk management and security planning typical for urban-suburban Texas assets.
Proximity to diversified employers supports a broad renter base and practical commute times, including industrial and corporate roles from Parker Hannifin, D.R. Horton, Ball Metal Beverage Packaging, American Airlines Group, and Express Scripts.
- Parker Hannifin Corporation — industrial manufacturing offices (4.6 miles)
- D.R. Horton — homebuilding HQ & corporate (6.7 miles) — HQ
- Ball Metal Beverage Packaging — packaging & manufacturing offices (7.4 miles)
- American Airlines Group — airline corporate campus (23.5 miles) — HQ
- Express Scripts — pharmacy benefits corporate offices (23.9 miles)
This 64‑unit, 1998‑vintage asset offers a balanced combination of demand stability and relative competitiveness versus older nearby stock. Neighborhood occupancy trends sit near metro norms, while renter concentration at the neighborhood level signals a deeper tenant base. Within a 3‑mile radius, rising household counts and a larger projected renter pool underpin steady leasing and retention prospects. High-cost ownership conditions relative to incomes tend to reinforce multifamily demand, and rent levels benchmark above national medians without excessive rent‑to‑income pressure, according to CRE market data from WDSuite.
Vintage and location suggest a practical value‑add path: a 1998 build should compete well against 1980s‑era product while benefitting from selective modernization to sustain pricing power. Investors should also account for limited immediate neighborhood retail density, which places more weight on property-level amenities and management to drive resident satisfaction.
- 1998 construction offers competitive positioning versus older neighborhood stock with targeted upgrade potential
- Neighborhood occupancy near metro norms supports income durability and steady leasing
- 3-mile population and household growth expands the renter pool and supports retention
- High-cost ownership market sustains multifamily demand and pricing power
- Risk: limited immediate retail amenities; performance depends on asset quality and management