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 Ray Hubbard Ranch I & II, a 146-unit apartment property located in Garland, Texas, according to Tim A. Speck, division manager in the firm’s Dallas office.
Nick Fluellen and Bard Hoover, investment specialists in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Fluellen and Hoover.
This deal was agreed upon before the Covid-19 market disruption, yet we did not make it to contract, but we kept the dialogue going and were fortunate to eventually complete it. This is a great example of a win-win deal amid the Covid-19 pandemic. The buyer owns multiple assets nearby, allowing them to improve their economies of scale. The seller was looking to exit these deals with a certainty of close and without going through the entire marketing. From the buyer’s perspective, they have two value-add assets near other deals they have had success with and feel great about over the next 5 years. From the seller’s perspective, they were able to get to a price they were comfortable with and get a transaction done so they could move on to other opportunities.
Ray Hubbard Ranch I & II is located at 1365 E Interstate 30 & 4501 Bobtown Road in Garland, Texas. The subject property has 146 units situated on 6.93 acres of land.
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.
