Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Meadow Ridge, a 484-unit apartment property located in Fort Worth, Texas, and Arborstone, a 536-unit apartment property located in Dallas, Texas, according to Kyle Palmer, Regional Manager of the firm’s Fort Worth office.
Al Silva, Senior Vice President Investments in Marcus & Millichap’s Fort Worth office had the exclusive listing to market both properties on behalf of two separate Texas-based sellers. Meadow Ridge closed on June 23rd and had attracted 12 offers during a four week marketing period. The property sold to a Lubbock-based private investment company. Arborstone sold to an experienced out of state investment group on June 29th after attracting 11 offers during a three week marketing period. Ford Braly and Mark McCoy with the Silva Multifamily Team also assisted with the sales.
Meadow Ridge was built in 1981 and is located at 3001 West Normandale Street in Fort Worth, Texas and Arborstone was built in 1985 and is located at 6500 South Cockrell Hill Road in Dallas, Texas. Both communities will undergo multi-million dollar renovations in order to make them more attractive to area residents and more competitive in the local rental market.
During the past 12 months, the Silva Multifamily Team of Marcus & Millichap has successfully completed the sale of more than 5,000 multifamily units in the Dallas/Fort Worth area for a total of nearly $320 million in volume.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com