S2 Capital protégé Cover2 Capital is building a multifamily development in the Fort Worth suburb of North Richland Hills.
The project, called Wheelhouse, will feature 277 apartments, 10,000 square feet of retail and a three-story, 130,000-square-foot parking garage, according to a filing with the state. The project will span 436,000 square feet and is expected to cost $59 million, almost $213,000 per unit.
Construction on the project, at at 6401 Smithfield Road, is set to start in January and wrap up in December 2026, the filing said. The design firm on the project is Dallas-based Moya Architecture Workshop.
Deed records show Cover2 Capital purchased multiple parcels for the project early last yer. The firm also borrowed money from Oklahoma-based Druid Hills Capital. The loan documents do not specify the loan amount.
The site is about 13 miles northwest of downtown Fort Worth. The location provides easy access to Loop 820 and State Highway 183. It’s about 15 miles from the DFW Airport.
North Richland Hills has a population of 71,000, according to the Census Bureau, and is more than 90 percent developed. But two other developments are on the way.
The northwest Fort Worth community will soon be home to a Peppa Pig theme park, set to open next year. North Richland Hills is also getting a 75-home neighborhood from Hurst-based developer Our Country Homes in the northern part of the community, near Colleyville. Homes will range in price from $800,000 to $1 million. Adkins Park will be located in the 7600 block of Precinct Line Road.
Cover2 Capital is a multifamily developer focused on high growth markets in Texas, according to its website. Wheelhouse appears to be its first development. Cover2 was founded by Blake Poston, who previously worked for Scott Everett’s multifamily syndicator S2 Capital.
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