Press Releases
Marcus & Millichap Closes 247-Unit Multifamily Asset Sale in North Texas
September 09, 2026
GRAND PRAIRIE, Texas, Sept. 9, 2026 – 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 The Watson, a 247-unit multifamily property in Grand Prairie, Texas.
“One of the most encouraging trends we’re seeing in real time across the DFW Class A multifamily space is the return of positive rent growth on new leases,” said Wes Racht, managing director of investments at Marcus & Millichap. “More importantly, lease trade outs are trending positive and occupancy is holding well above 90% throughout similar areas that are core adjacent. The Watson is well positioned to capture that momentum.” Racht, Nick Fluellen, and Bard Hoover of Marcus & Millichap represented the seller, a Texas-based owner and procured the buyer, Brazos Residential.
“Despite persistent macro headwinds and a rate environment that has sidelined many investors, Brazos Residential remains committed to finding creative paths to close transactions that deliver outsized risk-adjusted returns,” said Wyatt Simmons, CIO, Brazos Residential. “The Watson was a particularly complex transaction as it required a highly structured partnership and waterfall, rescue capital, and navigating a distressed seller and property, but that complexity is exactly where we continue to find opportunity. We’re grateful to Wes Racht and the entire Marcus & Millichap team for their tenacity in getting this deal across the finish line.”
The property is just off Texas State Highway 360, near Interstate 30, close to the Grand Prairie Premium Outlets and Joe Pool Lake. The University of Texas at Arlington, AT&T Stadium, Six Flags Over Texas, Globe Life Park, and Hurricane Harbor are in the vicinity. Nearby major employers include General Motors Arlington Assembly, GM Financial, and Texas Health Resources.
Situated on over 17 acres, The Watson is a three-story, controlled-access property with a multi-level parking structure, fitness center, clubhouse, playground, and swimming pool. Apartments have high ceilings, washers and dryers, and microwave ovens.
“One of the most encouraging trends we’re seeing in real time across the DFW Class A multifamily space is the return of positive rent growth on new leases,” said Wes Racht, managing director of investments at Marcus & Millichap. “More importantly, lease trade outs are trending positive and occupancy is holding well above 90% throughout similar areas that are core adjacent. The Watson is well positioned to capture that momentum.” Racht, Nick Fluellen, and Bard Hoover of Marcus & Millichap represented the seller, a Texas-based owner and procured the buyer, Brazos Residential.
“Despite persistent macro headwinds and a rate environment that has sidelined many investors, Brazos Residential remains committed to finding creative paths to close transactions that deliver outsized risk-adjusted returns,” said Wyatt Simmons, CIO, Brazos Residential. “The Watson was a particularly complex transaction as it required a highly structured partnership and waterfall, rescue capital, and navigating a distressed seller and property, but that complexity is exactly where we continue to find opportunity. We’re grateful to Wes Racht and the entire Marcus & Millichap team for their tenacity in getting this deal across the finish line.”
The property is just off Texas State Highway 360, near Interstate 30, close to the Grand Prairie Premium Outlets and Joe Pool Lake. The University of Texas at Arlington, AT&T Stadium, Six Flags Over Texas, Globe Life Park, and Hurricane Harbor are in the vicinity. Nearby major employers include General Motors Arlington Assembly, GM Financial, and Texas Health Resources.
Situated on over 17 acres, The Watson is a three-story, controlled-access property with a multi-level parking structure, fitness center, clubhouse, playground, and swimming pool. Apartments have high ceilings, washers and dryers, and microwave ovens.
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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, 2025, the company had 1,808 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 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
