Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Kenwood Heights, a 51-building, 211-unit apartment property located in Corsicana, 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, had the exclusive listing to market the property on behalf of the seller, Canada-based Republic Funds. The buyer, a Texas-based limited liability company, was also secured by the Silva Multifamily Team. During a 4-week marketing process, the property attracted 12 offers from a wide range of prospective buyers from all over the US. And despite numerous complications related to COVID-19, the sale closed 65 days after an agreement was reached between buyer and seller. The new owners will make significant improvements to the common areas and building exteriors, along with enhancements to unit interiors. Since early 2019, the Silva Multifamily Team has conducted the sale of 25 apartment properties in D/FW totaling 4,000 units and $305 million in sales volume.

Kenwood Heights is a large, well located, and well-maintained community just outside of Dallas. Located at 672 South 42nd Street in Corsicana, just off State Highway 31, which is a high traffic thoroughfare that boasts numerous shopping, dining and employment centers.

The subject property was primarily constructed in the 1980’s, with the 25-unit phase having been built in 1964. The 51 buildings are comprised of brick veneer and siding exteriors with pitched composition roofs on concrete slab foundations.

About Marcus & Millichap (NYSE: MMI)

With over 2,000 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 9,726 transactions in 2019 with a value of approximately $50 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.