Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of The Monterrey, a 105-unit apartment property located in Fort Worth, Texas, according to Mark R. McCoy, Regional Manager of the firm’s Fort Worth office.

Al Silva, Senior Managing Director Investments in Marcus & Millichap’s Fort Worth office, exclusively marketed the property on behalf of the seller, D/FW-based Napali Capital. The buyer, a Dallas LLC, was secured by Mr. Silva along with Dan Mullen, Associate in Marcus & Millichap’s Fort Worth office and also a member of the Silva Multifamily Team. The property was marketed for four weeks and attracted 13 offers from a wide range of prospective buyers from all over the United States. The property was financed with a new Fannie Mae loan at 75% loan to value.

The Monterrey was built in 1968 and is located in the burgeoning southwest section of Fort Worth, Texas with good frontage along Vickery Boulevard, which is a major thoroughfare that affords easy access to major area employers and Highway 183. Downtown Fort Worth is about 10 minutes away, and the property will undergo significant renovations to the building exteriors, common areas and unit interiors.

About Marcus & Millichap (NYSE: MMI)

With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap 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.