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 Ridgemont, a 60-unit apartment property located in Fort Worth, TX, according to Tim A. Speck, division manager in the firm’s Dallas office.

Nick Fluellen, Bard Hoover and Wesley Racht, investment specialists in Marcus & Millichap’s Dallas office represented the seller, an out-of-state owner, and also secured the buyer, a local syndication group.

“We were able to keep the transaction together through due diligence. The seller was unaware of some of the issues with the property, but with guidance through our trusted team of vendors, the buyer and seller were able to come together on a price that both sides thought was fair for the repairs,” Racht commented. He added, “Both the buyer and seller felt like they achieved what they were looking to accomplish in the transaction. The seller was able to start focusing on other projects and the buyer was able to effectuate a 1031 exchange involving another value-add property”.

Ridgemont is located at 2409 Ridgmar Plaza in Fort Worth, Texas.

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.