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 Gables of Notting Hill, a 175-unit apartment property located in Hurst, Texas, according to Kyle Palmer, regional manager of the firm’s Fort Worth office.
Al Silva, Senior Director and Ford Braly, an associate in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a Houston-based private investment firm. The buyer, a private Dallas-based investment group, was also secured by Mr. Silva and Mr. Braly. The offering attracted 23 property tours and 11 offers during just two weeks on the market and closed just 60 days after an agreement was reached between buyer and seller. The new owners plan to invest a substantial amount of money into the property to make it a much more attractive option for area residents.
The Gables of Notting Hill is a 175-unit community that enjoys a great location in Hurst along Brown Trail. The property enjoys great visibility and is conveniently located near shopping centers and schools, and falls within the well-respected HEB Independent School District.
The subject property was built in 1968 and consists of 27 buildings which are comprised of brick veneer and vinyl siding exteriors with pitched composition roofs and wood frames on concrete slab foundations. The property offers a great variety of large one, two and three bedroom floor plans and ample open space. Residents enjoy a comfortable living environment including two large swimming pools located onsite.
In the past 12 months, the Silva Multifamily Team of Marcus & Millichap has listed and sold over 4,000 multifamily units in D/FW totaling more than $230 million in consideration.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 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 8,700 transactions in 2015 with a value of approximately $37.8 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.
