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 The Bristols Apartments, a 94-unit apartment property located in Hurst, Texas, according to Kyle Palmer, Regional Manager of the firm’s Fort Worth office.
Al Silva, Senior Managing Director Investments, and Ford Braly, Senior Associate in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a local family partnership. After three weeks of marketing, the Silva Team conducted 28 property tours and collected 14 offers, of which 10 were above the initial listing price. The buyer, a local partnership, was secured by Mr. Silva, Mr. Braly and Mark McCoy, Associate in Marcus & Millichap’s Fort Worth office.
The new owner has plans to make select renovations to the property to fully capture the substantial operational upside that is available. New ownership also secured long term Fannie Mae financing and expects to enjoy quality cash flow after fully repositioning the property. The Bristols are located at 825 Norwood Drive in Hurst, Texas. The property possesses a unique colonial architectural style and caters to families due to its large floor plans and proximity next door to Harrison Lane Elementary, an exemplary school in the renowned HEB Independent School District. The Bristols was previously a family owned and managed community and they had taken great pride in the asset.
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