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Seven Metroplex Multifamily Sales Completed by Marcus & Millichap

January 12, 2022

FORT WORTH, Texas, Jan. 12, 2022 – 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 seven multifamily properties in December 2021 in the Dallas-Fort Worth Metroplex. Totaling 1,162 units, the assets sold for approximately $120 million. Each property was marketed by the Silva Multifamily Team of Marcus & Millichap and achieved 5.1% above list price.

“The Metroplex led the nation in apartment completions in 2021 and yet demand has been so strong that the vacancy rate declined by 190 basis points to 3.8%,” said Al Silva, senior managing director investments in Marcus & Millichap’s Fort Worth office. “This record amount of new supply, which exceeded the trailing five-year annual average by 4,700 units, was met by net absorption 130% higher than in 2020.” Silva and Ford Braly, first vice president investments, represented the sellers and procured the buyers.

“We conducted over 95 separate property tours and the assets sold to a variety of investors, both local and out of state, which further demonstrates the continued desirability of the Dallas-Fort Worth area,” added Braly. “All the properties are well maintained and offer their new owners distinct and significant opportunities to add value and enhance revenue growth. All were offered free and clear of existing debt.”


The properties are:
  • Meadow Ridge, 484 units built in Fort Worth in 1981
  • Villas at Cantamar, 265 units built in Fort Worth in 1971
  • La Ventana on Rochelle, 88 units built in Irving in 1962
  • Colony on Rochelle, 64 units built in Irving in 1968
  • The Bristols, 94 units built in Hurst in 1963
  • La Ventana, 87 units built in Dallas in 1971
  • In Place, 80 units built in Dallas in 1973

Sunny Sajnani, Todd McNeill, Ralph Rader, and Justin Shuart of Marcus & Millichap Capital Corporation arranged financing for The Bristols, La Ventana and In Place. The Silva Team of Marcus & Millichap has over $150 million in new inventory coming to market in January 2022. In 2021, the team completed 31 multifamily transactions in Dallas-Fort Worth totaling 6,200 units and valued at $685 million.

 

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About Marcus & Millichap (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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.

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