Marcus & Millichap Brokers Two Multifamily Asset Sales in Dallas-Fort Worth
FORT WORTH, Texas, July 26, 2021 – 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 two multifamily properties in suburban Dallas-Fort Worth. They are Spring Valley, a 150-unit apartment complex in Euless, and 154-unit Oasis Springs in Hurst.
“These two well-located and maintained Class B assets closed with attractive new bridge financing just 60 days after going under contract,” said Al Silva, senior managing director investments in Marcus & Millichap’s Fort Worth office. “Both properties have significant value-add opportunities with solid going-in yield and demonstrable rental upside.” Silva and Ford Braly, first vice president investments on the Silva Multifamily Team of Marcus & Millichap, represented the sellers, two Dallas-based private investors and procured the buyers, two separate Dallas-based investment groups. “During a four-week marketing campaign, we conducted 77 property tours, generated 48 offers and ultimately achieved pricing $3.7 million above guidance,” added Braly. “The offers came from a wide range of local and out-of-state private and institutional investors.”
Owned and operated by the same family since it was built in 1971, Spring Valley is located just south of Highway 183, 10 minutes from Dallas-Fort Worth International Airport, within walking distance of South Euless Elementary, and near employment and shopping. The property has 12 two-story buildings, a large swimming pool, onsite laundry facilities and a generous amount of open space. Most of the units are two-bedroom or larger, and the average unit size is 920 square feet.
Constructed in 1979, Oasis Springs is adjacent to Vivagene Copeland Park and Bellaire Park and close to Bell Station, a Trinity Railway Express commuter rail station. The property is easily accessible from Airport Freeway, Interstate 820, and Trinity Boulevard. North East Mall, Tarrant County College, The University of Texas at Arlington, and Texas Wesleyan University are within a short commute. Community amenities include a basketball court, swimming pool, laundry facilities and a playground. Apartments have high-speed internet, linen closets, new countertops and private patios or balconies.
Year-to-date, the Silva Multifamily Team of Marcus & Millichap has successfully marketed and negotiated the sale of 17 multifamily properties in the Dallas-Fort Worth area totaling more than 3,500 units and $380 million in sales volume.
# # #
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.