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 Villas Del Sol and Wedgewood, two communities that total 104 and 118 units respectively and are located in the same neighborhood just one half mile apart from one another 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 properties on behalf of the seller, a Dallas-based limited liability company. The buyer, a private investor, was also secured by Mr. Silva along with Dan Mullen, Associate in Marcus & Millichap’s Fort Worth office and a member of the Silva Multifamily Team. The properties attracted more than 20 property tours from prospective buyers and 13 offers during a 5-week marketing period. Potential buyers bid on the properties either on an individual basis or as a package, but the seller ultimately chose to sell them as a package. The sale closed just 60 days after an agreement was reached, and the new owners plan to implement a change in property management and a capital improvement program that will make the curb appeal and unit interiors more appealing to area renters looking for a safe, affordable place to live. During the past year, the Fort Worth-based Silva Multifamily team has completed the sale of 20 apartment communities in the D/FW area totaling more than 3,600 units and $290 million in sales volume.
Both properties are located in south Fort Worth and are situated just off McCart Avenue, which is a busy thoroughfare boasting a substantial amount of retail and employment centers. These locations also sit within walking distance of Westcreek Elementary and South Hills High School, making these communities an ideal place to live for families. Fort Worth is one of the nation’s fastest growing major markets and is poised for continued growth in the years ahead. The properties are also located near the Chisholm Trail Parkway and Texas Christian University.
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.
