345-Units to Summit and W. 5th Ave. near Pier 1

FORT WORTH – A deal has closed to buy nearly three acres at the corner of Summit Ave. and West Fifth St. near the Pier 1 Imports Building for a 345-unit apartment community.

The deal closed July 11, according to deed records. ​

The project, called Broadstone 5th and Summit Ave., will have efficiency, small, and large one-bedroom units and nine two-story townhomes fronting Summit Ave., said Chad Jackson, managing director of Alliance Residential’s Dallas office.

Construction is expected to begin by the end of July 2016, with plans for a leasing office open and the first units ready for move-in by summer of 2018, Jackson said.

The property will feature an amenity terrace on the third level of the buildings that will include a resort-style pool with views of downtown as well as a courtyard with fountains and lounge areas. 

Amenities will also include a two-level resident club and fitness area with a spin/yoga studio.