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 Meadowlark Apartments, a 74-unit apartment property located in Garland, Texas, according to Mark R. McCoy, Regional Manager of the firm’s Fort Worth office.
Al Silva, Senior Managing Director Investments and Ford Braly, Vice President Investments in Marcus & Millichap’s Fort Worth office, exclusively marketed the property on behalf of the seller, a local family that built the property and has owned and self-managed the property since. After a 4-week marketing with 28 property tours, the Silva Team procured 8 offers from a wide array of buyers. The buyer, a local investor, was also secured by Mr. Silva and Mr. Braly and closed in only 32 days after going under contract.
Meadowlark Apartments, located at 1226 South Shiloh Road in Garland, Texas is an extremely rare, untouched, value-add opportunity with enormous rental upside from day one. Currently, Meadowlark is in a rental market that averages 96% occupancy, yet their rents are $180+ below submarket average for a one bedroom, and $190+ below average for a two bedroom.
The new owner has significant plans to implement professional management and update the property to modern standards. During the past 18 months, the Fort Worth-based Silva Multifamily Team has conducted the sale of 37 apartment complexes in D/FW totaling more than 7,000 units and over $500 million in transaction volume.
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.
