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 Red Oak, a 108-unit apartment property located in Fort Worth, Texas, 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, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was secured and represented by George Miller, an investment specialist in Marcus & Millichap’s Seattle office.

“In the midst of COVID-19, we were able to secure a 1031-Exchange buyer for our clients. This buyer came from a broker out of our Seattle office that had pursued Texas properties for multiple years. After reviewing our potential business plan and upside for Red Oak, they saw the opportunity and security for their funds,” commented Racht, “One of the unique strengths of the Marcus & Millichap platform is the ability to pull capital from outside markets through collaboration with other agents within the firm. This was also the second time the Fluellen-Hoover Group sold Red Oak”.

Red Oak is located at 6301 Woodway Drive in Fort Worth, Texas.

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.