Wood Partners Turns Fort Worth Assisted Living into Apartments

Wood Partners is spearheading an adaptive-reuse project that will bring hundreds of upscale residential units to Fort Worth’s River Park area.

The Atlanta-based developer plans to convert the former assisted living facility at 3201 River Park Drive into a 365-unit apartment complex, the Dallas Business Journal reported.

Wood purchased the property for an undisclosed amount. The seller was Ohio-based ReNew REIT. Colliers’ Josh Gregory, Danny Miller and Jorg Mast represented the seller.

The development site is in one of Fort Worth’s most sought-after areas, overlooking the scenic 40-mile Trinity Trail. It’s about a mile from The Shops at Clearfork, a mixed-use development spanning 470 acres.

The residential construction market in Fort Worth is benefiting from strong demand driven by the city’s surging population. Fort Worth’s population hit 989,900 last year, edging past Austin and marking a 7.7 percent growth rate since 2020.

The rapid growth has positioned Fort Worth as the fastest-growing city in Texas and one of the fastest-growing among the 30 largest cities in the U.S.

Multifamily demand in Fort Worth is robust, driven by population growth and economic development. The multifamily pipeline in Dallas-Fort Worth is gushing, with Nearly 33,000 units expected to be delivered by the end of the year.

The Metroplex trails only New York City in terms of multifamily construction. Overall demand for apartments is strong, despite some fluctuations in rental prices, indicating a healthy market.

Major multifamily projects in the work in Fort Worth include the seven-unit Bowie House, which is the city’s first luxury condo project.

Goldenrod Companies has two mixed-use developments underway, called One University and the Van Zandt, in Fort Worth’s Cultural District, set to deliver a combined 466 units.

— Andrew Terrell