RESIDENTIAL DEVELOPMENT OPPORTUNITY VISTA WEST II...Cushman & Wakefield has been exclusively...

R E S I D E N T I A L D E V E L O P M E N T O P P O R T U N I T Y

+ 3 8 9 AC R E S F O R S A L E11500 OLD WEATHERFORD ROAD | FORT WORTH, TX

VISTA WEST II

30

820

TABLE OF

CONTENTS

CUSHMAN & WAKEFIELD 2021 McKinney Avenue Suite 900 Dallas, TX 75201

INVESTMENT

CONTACTS

CHRIS HARDENDirector+1 972 663 [email protected]

ROGER SHAFERFinancial Analyst+1 972 663 [email protected]

RYAN DUFFIEAssociate+1 972 663 [email protected]

CUSHMAN & WAKEFIELD

SECTION O1

03 | EXECUTIVE SUMMARY

SECTION O2

05 | PROPERTY OVERVIEW

SECTION O3

09 | MARKET ANALYSIS

Cushman & Wakefield | 2

EXECUTIVE

SUMMARY

Cushman & Wakefield has been exclusively retained to execute the sale of the Vista West II property (the “Property”) located in Fort Worth, Texas. The Property, conveniently located just 12 miles from downtown Fort Worth, consists of ±389 acres of residentially zoned land with full access to utilities and road infrastructure.

The nearby area has recently seen a fury of new housing developments thereby creating a scarcity of large, zoned, undeveloped tracts of land currently available while simultaneously placing the Property in the path of growth. With home prices and population growth in DFW at historically high levels, the Property provides the ability to deliver workforce housing to major nearby employers like Lockheed Martin, Fort Worth Naval Air Station and Fort Worth ISD. Located less than 2 miles from Interstate 30 and Interstate 820, the Property also provides easy access to major thoroughfares connecting to major employment hubs, restaurants, retail, entertainment and sporting venues.

The Vista West II property affords developers the rare opportunity to acquire a large, residentially zoned tract of land located in one of the fastest growing areas for new housing development within the Dallas-Fort Worth MSA.

Land Area: ± 389.94 Acres

Interest: Fee Simple Surface Rights

Debt: Free & Clear

Existing Zoning: R1 - Zero Lot Line / Cluster A-5 - One-Family C - Medium Density Multifamily CF - Community Facilities E - Neighborhood Commercial

Utilities: All available to site

Frontage: 5,061 feet on Old Weatherford Road

Floodplain: Zone A, Areas determined to be inside the 100-year floodplain

Asking Price: $10,000,000

P R O P E R T Y S U M M A R Y

820

30


INVESTMENT

HIGHLIGHTS

RESIDENTIAL ZONING The Property provides developers with a variety of residential zoning uses ranging from single family dwellings to high density multi-family.

PATH OF GROWTHThe Dallas-Fort Worth MSA led the nation in population growth in 2017 adding more than 400 new residents per day. The city of Fort Worth has seen tremendous growth with a current population of 850,000 and experts estimating that number to reach 1.5 million by 2040. This rapidly growing submarket has seen several new housing developments recently as more and more residents look for affordable housing options. In 2017, Fort Worth was named the 5th Best Large City for First-Time Home Buyers by WalletHub and one of the nation’s Top 20 Best Places to Live by U.S. News and World Report.

NEARBY EMPLOYMENTFort Worth is a major employment and medical destination for the area with large companies such as American Airlines, Pier 1 Imports, Lockheed Martin Aeronautics and JPS Health Network with headquarters here. Additionally, the Property is in close proximity to the Fort Worth Naval Air Station (11,400 employees) and Fort Worth ISD (10,100 employees) allowing developers to deliver workforce housing.

ACCESS TO UTILITIES & INFRASTRUCTUREThe Property has full access to utilities and road infrastructure thereby reducing the cost to developers and investors.

OUTSTANDING ACCESSIBILITY AND CONNECTIVITYLocated less than 2 miles from Interstate 30 and Interstate 820, the Property also provides easy access to major thoroughfares connecting to major employment hubs, restaurants, retail, entertainment and sporting venues such as The Fort Worth Stockyards, Texas Motor Speedway, Bass Performance Hall, Kimball Art Museum, Fort Worth Zoo, Sundance Square, and the Botanic Gardens.


DFWIN T ERN AT ION AL

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FORT WORTHDALLAS

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35W

35W

35W

35W

35E

35E

35E

35E

35E

B U S

LOCATION

MAP

N

Vista West II


LOCATION

MAP

N

Vista West II

5 M I L E S

6 M I L E S

1 1 M I L E S

1 0 M I L E S

1 1 M I L E S

1 4 M I L E S

1 7 M I L E S

1 3 M I L E S

1 3 M I L E S

1 1 M I L E S

1 1 M I L E S

1 0 M I L E S

DOWNTOWN FORT WORTH

EAGLE MOUNTAIN

LAKE

LAKE WORTH

BENBROOK LAKE

LAKE ARLINGTON


LOCATION

MAP

N

Downtown Fort Worth12 Miles

Lockheed Martin5 MilesLake Worth

8 Miles

30

30

820820

Direct access to I-30 via Chapel Creek Blvd. with dedicated exit/access ramp. (Only 1.3 Miles from property)

Chapel Creek Blvd

Old Weatherford Rd.


LOCATION

MAP

N

Eagle Mountain Lake

Lake Worth


SITE

SURVEY

VISTA WEST II300.17 AC

A-5

A-5

A-5

A-5

A-5

VISTA WEST II89.77 AC

NOT OWNED

NOTOWNED

A-5

A-5

AR

C

R2

A-5

A-5

C

B

CF

A-5

CF

R1

R1

R1

R1

C

R1

CR

C

R1

E

A-5

A-7.5

OLD WEATHERFORD RD

AM

ERIC

AN

FLY

ER B

LVD

WESTPOINT BLVD

CALIC

HE R

D

OXBOW ST

BARR

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BEN

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AN

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DEAUVILLE CIR N

FANDOR ST

LIPAN TRL

VOLT

AMP

DR

DEAUVILLE DR

AMBLING TRL

BLUESTONE RD

BRADSHAW DR

FLEISHMAN WAY

HIGHLAND RIDGE RD

DEAUVILLE CIR S

BUD

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DR

FLEE

TRID

GE

ST

DORFAN ST

VISTA HEIGHTS BLVD

WA

KEC

REST

DR

HORNBY ST

IVES ST

DEA

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EDGEWEST TER

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API

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BEN

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BURL

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TON

AV

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BASS

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DR

DEA

UVILL

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IRW

VILL

AGEP

OIN

T LN

920

920

850

850

850

850

850

850

85085

0

850850

850

860

860

860

860860

860

870870

870870

870 870

810

810

810

820

820

820

830

830

830 830

840

840

840

840

840

840

840

880

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880

880

880

880

880

890

890

890

890

890

890

910

910

910

910910

900

900

900900

Source: Esri, DigitalGlobe, GeoEye, Earthstar Geographics, CNES/Airbus DS,USDA, USGS, AeroGRID, IGN, and the GIS User Community

N

0 350 700

1 inch = 700 feet

Fort Wort, TXVista West II

Land ExhibitMarch 2018

LegendExisting Ownership

Existing Zoning

100yr Floodplain

Electric & Gas Esmt

Water Esmt

TOTAL OWNERSHIP = 389.94 AC

“CF” Community Facilities (26.13 Acres)• Public facilities including churches, govt. offices, health services, public safety,

colleges and schools, community and group homes, and recreation facilities.

“A-5” One-Family (278.08 Acres)• One-family detached dwellings (min. lot size 5,000 sq. ft.), churches, schools,

parks, etc.

“R1” Zero Lot Line / Cluster (44.62 Acres)• One-family detached dwellings on a min. 3,000 sq. ft. lot

• One-family detached zero lot line dwellings on a min. 2,500 sq. ft. lot

• Two-family attached zero lot line dwellings on a min. 2,500 sq. ft. lot, w/ maximum density of 13 dwelling units/acre

• Cluster of attached, detached, & ZLL dwellings w/ maximum density of 15 dwelling units/acre w/ min. 15% open space

• Plus all “B” uses

“C” Medium Density Multifamily (37.44 Acres)• Multifamily dwelling units at a maximum density of 18 dwelling units / acre,

per Sec. 6.506 of the Multifamily Unified Residential Development provisions.

“E” Neighborhood Commercial (3.67 Acres)• All uses permitted in “ER”, plus retail sales, banks, restaurants, gasoline sales,

offices, bakeries, and Commercial alcohol sales for off premise consumption and as part of food service.

“B” Two-Family • One-family and two-family detached and attached dwellings (min. lot size

5,000 sq. ft. for two attached dwellings on a single lot

• 7,500 sq. ft. min. lot size for two detached dwellings on a single lot)

• Plus all “A-5” and “AR” uses.

“AR” One-Family Restricted • One-family detached zero-lot line dwellings (min. lot size 3,500 sq. ft.),

churches, schools, parks, etc.

“ER” Neighborhood Commercial Restricted• Beauty/barber shops, bookstores, drug stores, studios and offices, public and

civic uses, nursing Commercial Restricted homes, and health care. Alcohol sales prohibited.

Net Developable: 334.65 acres


OFFSITE SANITARY

EXHIBIT

760

750

820

800

810

790

840

780

770

870

860

850

740

880

730

830

720

890

900

710

910

920

710

820

860

770

820

720

760

810

790820

800

880

830

750

860

800

750

810

910

810

910

840

880

720

870

860

820

750

750 750

890

780

830

780

790

750

870

760

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720

850

860

900

760880

840

830

900

810

900

920

750

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870

740

800

850

860

790

880

870

890

840

840

880

910

900

830

850

910

850

830

810

730

890

770

900

890

840

890

840

870

880

810

810

870

770

870

890

840

770

850

830

810

870

730

820

830

900

Source: Esri, DigitalGlobe, GeoEye, Earthstar Geographics, CNES/Airbus DS, USDA, USGS, AeroGRID, IGN, and the GIS User Community

N

0 400 800 LegendExisting SS Line

SS Flow Direction

City Boundary

Parcels

Zone A (100-YrUnstudied)

Zone AE (100-YrStudied)

Zone X (500-Yr)

2' Contours

10' Contours

OFFSITE SANITARYSEWER

Fort Worth, TX

March 2018

Vista West II

UPLIFT CHARTER SCHOOL CHAPIN VILLAGEPHASE 1

PALMILLA SPRINGS

FUTURE PHASE

PP-05-077

PALMILLA SPRINGS

FUTURE PHASE

PP-05-077

PALMILLA SPRINGS

FUTURE PHASE

PP-05-077

SS-3

SS-2

SS-5

SS-4

SS-1

S-15313 8

36" PVC

S-15313 736" PVC

S-15313 15

36" PVC

MARY'S CREEK

MSC

-3

CAMP BOWIE W BLVD

EXISTING

8" SS LINE §̈¦30

CHAPIN RD

MEADOW GATE DR

WAK

ECRE

ST D

R

OLD WEATHERFORD RD

WESTPOINT BLVD

1 Inch = 800 ft

EASEMENT SIGNEDBY PROPERTY OWNERBUT NOT RECORDED

EASEMENTS PERPENDING PLAT

SANITARY SEWERUNDER DESIGN AND

EASEMENTS RECORDED

SANITARY SEWERUNDER DESIGN AND

EASEMENTS PERPENDING PLAT

SANITARY SEWERUNDER CONSTRUCTIONEASEMENTS RECORDED

Vista West II

Vista West II

SANITARY SEWERUNDER CONSTRUCTION AND

EASEMENTS RECORDED


WILLOW PARK

LAKE WORTH

FORT WORTH

RIVER OAKS

WHITE SETTLEMENT

BENBROOK

ALEDO

WHEATLAND

WESTLAND

EDGECLIFF VILLAGE

EVERMAN

ANNETTA

DICEY

AZLE

BLUE MOUND

MELODY HILLS

IONA

LAKESIDE

VISTA WEST II

10 MILES

5 MILES

3 MILES

20

30

820

35W

35W

35W

820

30

20

20

2017 AVERAGE HOUSEHOLD INCOMEBY CENSUS TRACTS

$0 - $50,000>$50,000 - $75,000

>$75,000 - $100,000>$100,000 +

AVERAGE HOUSEHOLD

INCOME


WILLOW PARK

LAKE WORTH

FORT WORTH

RIVER OAKS

WHITE SETTLEMENT

BENBROOK

ALEDO

WHEATLAND

WESTLAND

EDGECLIFF VILLAGE

EVERMAN

ANNETTA

DICEY

AZLE

BLUE MOUND

MELODY HILLS

IONA

LAKESIDE

VISTA WEST II

10 MILES

5 MILES

3 MILES

20

30

820

35W

35W

35W

820

30

20

20

2017-2022 POPULATION GROWTH RATE/YRBY CENSUS TRACTS

< 1.5%1.51% - 2.5%

2.51% - 3.5%> 3.51%

POPULATION

GROWTH


AREA

DEMOGRAPHICS

D E M O G R A P H I C S 1 M I L E 3 M I L E 5 M I L E 7 M I L E 1 0 M I L E

2017 TOTAL POPULATION 8,089 39,046 74,831 158,092 353,851

PROJECTED POPULATION GROWTH 2017-2022 13.3% 9.4% 6.6% 5.4% 5.5%

2017 AVERAGE HOUSEHOLD INCOME $93,913 $73,123 $69,233 $78,305 $83,174

2017 MEDIAN AGE 34.8 33.5 35.1 37.4 35.6

2017 NUMBER OF HOUSEHOLDS 2,922 15,238 29,284 64,166 139,531

PROJECTED GROWTH NUMBER OF HOUSEHOLDS 2017-2022 17.1% 11.0% 8.9% 7.3% 7.5%

MEDIAN HOME VALUE $144,797 $135,687 $123,348 $147,980 $159,232

9.4% PROJECTED POP GROWTH

3 MILES

+$73K AVERAGE HH INCOME

3 MILES

11.0% PROJECTED HOUSEHOLD

GROWTH 3 MILES


AREA

OVERVIEWFort Worth, TX

The City of Fort Worth is the 16th-largest city in the United States and fifth-largest in the state of

Texas. The city spans nearly 350 square miles into three counties and boasts a population of over

850,000 however experts anticipate that number to surpass 1.5 million by 2040. Often referred

to as Cowtown, Fort Worth is located within Tarrant County which has seen tremendous growth

recently due to steady job growth and cost of living.

In 2017, Fort Worth was named the 5th Best Large City for First-Time Home Buyers by WalletHub and one of the nation’s Top 20 Best Places to Live by U.S. News and World Report.

The Dallas-Fort Worth metro area gained more jobs than any other metro area during the past year,

according to a report by the U.S. Bureau of Labor Statistics. The area’s 146,000-resident jump in

2017 was the most of any metro area in the United States and six of the top 10 fastest-growing

counties in the United States were in Texas.

Fort Worth is a major employment and medical destination for the area with large companies such as

American Airlines, Pier 1 Imports, Lockheed Martin Aeronautics and JPS Health Network with headquarters

here. The city is also known for its variety of entertainment venues including The Stockyards, Texas

Motor Speedway, Bass Performance Hall, Kimball Art Museum, Fort Worth Zoo, Sundance Square, and the

Botanic Gardens.

Top Employers

13,500 Employees

10,100 Employees

6,100 Employees

4,000 Employees

3,300 Employees

11,400 Employees

6,500 Employees

4,300 Employees

3,800 Employees

3,100 Employees


NEARBY

SCHOOLS

Located just 15 minutes from downtown Fort Worth, White Settlement ISD is classified

as a 5A District serving approximately 6,800 students in grades kindergarten through

12. The Property currently feeds into Blue Haze Elementary, Tannahill Intermediate

School, Brewer Middle School and Brewer High School. Each of these schools are

recognized for high academic achievement and have earned the state’s highest

accountability standard. In 2008, Brewer High School completed an 85-acre campus

consisting of a 565,000 square foot, three-story building accommodating 2,400

students and approximately 175 faculty and staff members. The campus also includes

a 1,200-seat auditorium, two competition gymnasiums and two practice gymnasiums,

a stadium to accommodate 5,000 spectators, and an indoor athletic center.

The Property is also in close proximity to several award-winning private schools

including All Saints Episcopal School, Temple Christian Academy, Covenant Classical

School and Trinity Christian Academy.


CUSHMAN & WAKEFIELD 2021 McKinney Avenue Suite 900 Dallas, TX 75201

INVESTMENT

CONTACTS

CHRIS HARDENDirector+1 972 663 [email protected]

RYAN DUFFIEAssociate+1 972 663 [email protected]

CUSHMAN & WAKEFIELD

ROGER SHAFERFinancial Analyst+1 972 663 [email protected]

RESIDENTIAL DEVELOPMENT OPPORTUNITY VISTA WEST II...Cushman & Wakefield has been exclusively...

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