Metroplex Apartment Complex Sale Totaling 274 Units Brokered by Marcus & Millichap
FORT WORTH, Texas, March 23, 2020 – 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 Copper Creek, a 274-unit apartment complex in Fort Worth, Texas. The property attracted seven offers during a four-week marketing period and the sale closed just 60 days after an agreement was reached between buyer and seller.
“Fort Worth continues to be one of the nation’s fastest-growing rental markets,” said Al Silva, senior managing director investments. “The city’s large and well-diversified employment base, strong population growth and a limited stock of workforce housing available for rent should keep apartment market fundamentals strong for years to come.” Silva represented the seller, Florida-based DIJ Properties and procured the buyer, a Texas-based private investment company. “The new owners plan to make improvements to both property management and to the unit interior finish out, which will make Copper Creek more attractive to area renters as a safe and comfortable place to live,” Silva added.
The property is situated at the intersection of Interstate 30 and Loop 820, 10 minutes from downtown Fort Worth and Arlington. Interstate 30 provides residents with easy commutes to virtually anywhere in the Metroplex. The North East Mall, Dallas/Fort Worth International Airport, AT&T Stadium and many other area attractions and employers are within minutes. Constructed in 1986 on 12.4 acres, Copper Creek underwent significant renovations in 2013 and 2017. The 17-building complex has a large, resort-style swimming pool, a stadium-inspired soccer field, and a playground, among many other amenities.
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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 8,954 transactions in 2020 with a value of approximately $43 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.