Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Parkside Townhomes, a 144-unit multifamily asset in Arlington, Texas. The sale closed all cash.
“The transaction reflects both the demand for quality Dallas/Fort Worth multifamily assets and the power of our platform’s global reach,” says Mark Allen, CCIM, senior associate in Marcus & Millichap’s Dallas office.
Allen represented the seller, a Texas-based limited liability corporation and procured the buyer, the California-based subsidiary of a Japanese investment firm.
Constructed in 1984 and renovated in 2011, Parkside Townhomes is adjacent to Randol Mill Park and the Randol Mill West shopping center in Arlington. The location provides residents with easy access to the Tom Landry Freeway, Six Flags, Hurricane Harbor, Ameriquest Field, Dallas/Fort Worth International Airport, and the University of Texas at Arlington campus. The property consists of 34 buildings spread over 8.8 acres. The unit mix is 57 percent two-bedroom/two-bath apartments, and 43 percent three-bedroom/two-bath townhomes. The floor plans range from 950 square feet to 1,200 square feet and the average is 1,050 square feet.
About Marcus & Millichap
With over 1,700 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 nearly 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company 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.