Marcus & Millichap Closed the Sale of 1,164 Multifamily Units for $80.5 Million
March 14, 2017
DALLAS, March 14, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm, announced that a Dallas, Texas-based multifamily investment sales team led by Nick Fluellen and Bard Hoover, closed the sale of six properties with a total of 1,164 units valued at $80.5 million. Four of the properties are located within The Metroplex, one is in Commerce, and the other is in Waco.
The properties are:
- Spring Lake, 380 units, Haltom City
- Tradewind, 306 units, Mesquite
- Village at the Crossroads, 200 units, Irving
- Oaks Branch, 76 units, Garland
- Bradford Place, 128 units, Commerce
- The Village Condominiums, 74 units, Waco
“The Metroplex’s diverse and growing economy continues to attract investors, creating increased buyer competition for apartment assets and accelerating deal flow,” says Fluellen. “Local investors are particularly focused on properties with some value-add component, as was the case with these assets.”
“All of the properties provide new ownership with excellent opportunities to add value in various ways, including the continuation or implementation of strategic upgrade plans,” adds Hoover. “Some also have excellent upcoming expense reduction opportunities.”
Fluellen, senior managing director investments, and Hoover, first vice president investments, represented the sellers and procured the buyers in all of the transactions. Evan Burke, Sean Scott, and Trey Caldwell, associates, provided additional representation in the Bradford Place sale, and Scott and Caldwell assisted in the sale of The Village Condominiums.