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 Kaufman Place, a 56-unit apartment property located in Ennis, Texas, according to Kyle Palmer, Regional Manager of the firm’s Fort Worth office.
Al Silva, First Vice President Investments and Ford Braly, Associate in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a local partnership. After receiving seven offers at the conclusion of a short, three week marketing period, Mr. Silva and Mr. Braly secured the buyer, an in-state private investor.
The buyer placed an attractive Freddie Mac small balance loan on the asset and plans to continue an interior rehab program to make the asset more competitive in the immediate rental market.
Kaufman Place is located at 2000 North Kaufman Street in Ennis, Texas. The subject property is a 56 unit apartment complex located 20 minutes south of Dallas. The property is located just blocks from Interstate-45, a major freeway which connects Dallas and Houston.
This well maintained property was built in 1972 and sits on a concrete slab foundation and has wood framing with a brick veneer and siding exterior. Kaufman Place has pitched roofs, individual HVACs and every unit has an individual hot water heater. The property boasts a large average unit size of 850-square feet and the mix leans heavily (71percent) to two and three bedroom floorplans.
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.
