Press Releases
Marcus & Millichap Arranges Mid-Cities Multifamily Portfolio Sale
March 01, 2024
BEDFORD, Texas, Feb. 29, 2024 – 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 Avanti on Central and Avanti on Pipeline, two multifamily assets totaling 195 units in Bedford, Texas.
Al Silva, senior managing director investments, and Ford Braly, first vice president investments in Marcus & Millichap’s Fort Worth office had the exclusive listing to market the portfolio on behalf of the seller, a local private investor. The buyer, a Dallas-based partnership, was also secured by Silva and Braly.
“The offering attracted over 20 property tours in four weeks of marketing and the winning offer included non-refundable earnest money from day one,” said Silva. “We worked closely with Brandon Brown of Marcus & Millichap Capital Corporation to secure financing and close despite fluctuating financial markets that caused a pivot from agency financing to bridge debt to better serve the buyer’s business plan.”
Avanti on Central, a 137-unit asset and 58-unit Avanti on Pipeline are located across the street from one another in the Mid-Cities investment market of Hurst, Euless, and Bedford. These locations lie within 15 minutes of Downtown Fort Worth and 10 minutes from Dallas-Fort Worth International Airport. The proximity to highways 183 and 121 offers a short commute to major employment, retail and dining. The average household income within a three-mile radius is $86,000. The new owner plans to increase value through improved management, the implementation of an interior upgrade program, and billing back utilities to residents.
“Closing deals in this market takes a hands-on approach and critical thinking and this successful transaction is a perfect example of how the Silva Braly Multifamily Team of Marcus & Millichap can do just that,” said Braly. “The buyer has plans for extensive physical and operational rehab to reposition the property and take advantage of the strong location.”
Since the beginning of 2022, the Fort Worth-based Silva Braly Multifamily Team of Marcus & Millichap has completed the successful marketing and sale of over 30 apartment properties in the Dallas-Fort Worth area totaling more than 6,700 units and $800 million in transaction volume.
Al Silva, senior managing director investments, and Ford Braly, first vice president investments in Marcus & Millichap’s Fort Worth office had the exclusive listing to market the portfolio on behalf of the seller, a local private investor. The buyer, a Dallas-based partnership, was also secured by Silva and Braly.
“The offering attracted over 20 property tours in four weeks of marketing and the winning offer included non-refundable earnest money from day one,” said Silva. “We worked closely with Brandon Brown of Marcus & Millichap Capital Corporation to secure financing and close despite fluctuating financial markets that caused a pivot from agency financing to bridge debt to better serve the buyer’s business plan.”
Avanti on Central, a 137-unit asset and 58-unit Avanti on Pipeline are located across the street from one another in the Mid-Cities investment market of Hurst, Euless, and Bedford. These locations lie within 15 minutes of Downtown Fort Worth and 10 minutes from Dallas-Fort Worth International Airport. The proximity to highways 183 and 121 offers a short commute to major employment, retail and dining. The average household income within a three-mile radius is $86,000. The new owner plans to increase value through improved management, the implementation of an interior upgrade program, and billing back utilities to residents.
“Closing deals in this market takes a hands-on approach and critical thinking and this successful transaction is a perfect example of how the Silva Braly Multifamily Team of Marcus & Millichap can do just that,” said Braly. “The buyer has plans for extensive physical and operational rehab to reposition the property and take advantage of the strong location.”
Since the beginning of 2022, the Fort Worth-based Silva Braly Multifamily Team of Marcus & Millichap has completed the successful marketing and sale of over 30 apartment properties in the Dallas-Fort Worth area totaling more than 6,700 units and $800 million in transaction volume.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
