A Fort Worth Housing Solutions–affiliated entity has completed the purchase of Skyline Prairie Homes, a 320-unit, cottage-style rental community in north Fort Worth. At a Feb. 26 board meeting, agency leaders approved two transactions that consolidate full ownership of the development into a single Housing Solutions–related business entity.
The purchase price agreed for the property was $105 million, closely aligned with an independent appraisal that valued the site at $106.8 million. To finance the acquisition, the board approved the sale of $105 million in bonds; agency officials say those bonds will be repaid from the property’s annual net operating income rather than from general taxes or other revenue sources.
Prior to the transaction, ownership and leasing interests in the development were split among related entities: the land interest was held by Ironwood Crossing Public Facility Corp., while Skyline Prairie Homes LP held the ground lease and managed the multifamily operations. The recent moves transfer both the land interest and the ground lease into a single public facility corporation tied to Housing Solutions, a change the agency says will allow it to steer affordability and strengthen the project’s contribution to the agency’s financial stability.
Skyline Prairie Homes offers the amenities of a Class A community, including a resort-style swimming pool, fitness center, clubhouse, playground and a pickleball court. The property also features pet-focused conveniences such as a pet spa and a dog-wash station, as well as practical touches like a cold-storage mail room for package and grocery deliveries, according to the agency’s president, Mary-Margaret Lemons.
The property comprises 121 one-bedroom units, 177 two-bedroom units and 22 three-bedroom units. Of the 320 units, 160 are market-rate; 144 are reserved for households earning 80% of area median income or less; and 16 are targeted to families with incomes in the 30%–60% AMI range, creating a mix of affordable and market apartments on the same site.
Construction on Skyline Prairie Homes began in fall 2021. Phase 1 was completed in 2023 and Phase 2 finished in 2025, bringing the development to full completion. The complex is located at 8220 Horseman Road, in a residential area west of Interstate 35 and north of Basswood Boulevard. Agency leaders say the consolidated ownership will help maintain affordability controls and support the property’s long-term financial viability while the bonds are paid down from operating revenue.
