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 four multifamily communities in the Dallas-Fort Worth area totaling over $36.7 million.
The company’s Fort Worth-based Silva Multifamily investment sales team, led by Al Silva, Senior Managing Director Investments, along with Senior Associate, Ford Braly and Associate, Mark McCoy, arranged the transactions. The four properties total 573 units and includes Castlewinds, 156 units, North Richland Hills; El Ranchito, 69 units, Fort Worth; Knollwood, 188 units, Irving; and Holly Park, 160 units, Dallas.
The Silva Team represented the private sellers in all four transactions and also procured the buyers.
Castlewinds, Holly Park and El Ranchito were each marketed for three weeks and attracted an average of 25 property tours and 14 offers from local, out of state and international investment groups. After a competitive bidding process, each property sold to experienced buyers who will all invest a substantial amount of money to improve the properties and make them more attractive places to live for area residents. Knollwood sold to a local real estate family in an off-market transaction that closed just 40 days after an agreement on terms was reached.
During the past 12 months, the Silva Multifamily Team of Marcus & Millichap has successfully completed the sale of more than 5,100 multifamily units in the Dallas/Fort Worth area for a total of $300 million in sales 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