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 Aero, a 200-unit apartment property located 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, had the exclusive listing to market the property on behalf of the seller, a California-based private investment company. The buyer, a private out of state family office, was also secured by Silva. The sale closed just 56 days after an agreement was reached between buyer and seller.
“We marketed this property during the most difficult and uncertain part of the COVID shutdown, and we were still able to attract 14 offers from a wide range of local and out-of-state buyers and exceed our seller’s pricing expectations,” commented Silva, “The seller was looking to execute a 1031 exchange into another asset, and the buyers were looking for a property in the DFW area that offered a solid yield from day-one of ownership plus a value-add opportunity. The buyers were also looking to take advantage of historically low interest rates for their new acquisition. We were able to fulfill the seller’s and buyer’s needs by executing a targeted marketing campaign and making sure that we stayed well aware of how capital markets were trending before, during and after the completion of the marketing period. With our Marcus & Millichap marketing platform, we were able to hold virtual tours that were viewed on our website hundreds of times and conducted 19 in-person tours during this marketing period”.
Aero is located at 8300 Calmont Ave in Fort Worth, Texas. The buyers plan to make interior improvements to make Aero a more attractive place to live for area residents. The subject property is a 200 unit, individually metered community, conveniently located just 12 minutes west of downtown 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.
