Neighborhood: The Clearfork developments, situated southwest of Downtown Fort Worth, are rapidly transforming into one of the area’s most active retail and entertainment destinations. The district is positioned on the banks of the Trinity River and stretches from the Parks District on its northeast boundary and follows the Trinity River to its southwest border at Interstate Highway 820. Clearfork runs alongside the western boundary of the TCU submarket and shares a renter base with the apartment properties surrounding the university, which has proven to have a profoundly positive influence on Clearfork’s multifamily market. In the last 12 months, net absorption has increased by more than 300% and developers have delivered nearly 200 more units than the five-year average.
Development Overview: The project is a 270-acre master-planned, mixed-use development that will ultimately encompass two million square feet of office space, 1.2 million square feet of retail, and 2,500 multifamily units. The developer, Cassco Development, aims to create an upscale, luxury live-work-play environment that appeals to residents with an active lifestyle, and the location has been especially attractive to cyclists due to the proximity to the Trinity Trails. Currently, three of the seven planned developments are complete, including The Kelton, a 400-unit luxury apartment building, and a 180,000-square-foot office property. The major retail component, The Shops at Clearfork, is scheduled for a 2017 opening. The entire development is expected to generate approximately $300 million in revenue and more than 2,000 jobs.
Economic Overview: Due in part to its proximity to Downtown Fort Worth and multiple prominent universities, residents are fairly affluent and highly educated; over 6.0% of its households bring in over $100,000 per year and the nearby Texas Christian University produces a steady flow of skilled workers. The Fort Worth metro region is home to a number of major employers, including American Airlines (25,000 regional employees), Lockheed Martin (13,690 regional employees), and the Fort Worth Independent School District (12,000 regional employees). The city and surrounding area boasts a total of more than 30,000 businesses, ranking Fort Worth among the top business destinations in the world.
Rent Comparable Overview: The featured properties in this month’s rent comparable survey represent six communities in Clearfork built between 1984 and 2016. Two-thirds of the multifamily properties in the submarket were built after 1997 and asking rents range from the low $800s for one-bedroom units and mid-$3,000s for large three-bedroom townhouse-style units. Unit sizes in this comp set range from 357 to 1,874 square feet. Most properties in the submarket provide security and controlled access systems, and community amenities include fitness centers, swimming pools, clubhouses, covered parking, spas, and rooftop terraces. Application fees are anywhere from $25 to $55 and while pets are allowed in most cases, many communities require substantial pet deposits and monthly pet fees. Residents typically pay all utilities.
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