Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of two multifamily properties in Waco, Texas. They are 214-unit Tinsley Place and Columbus Heights, comprised of 24 townhomes.
“Tinsley Place is a stabilized, luxury multifamily asset with significant upside potential in an excellent location, “says Nick Fluellen, senior managing director investments in Marcus & Millichap’s Dallas office.
“Columbus Heights is a turnkey investment with no capital improvements necessary. The asset provides new ownership with a strong and steady income stream,” adds Bard Hoover, first vice president investments.
Fluellen, Hoover, and Sean Scott, associate, represented the seller, and procured the buyer.
Tinsley Place is within a five-minute drive of Baylor University, Magnolia Market at the Silos, and Waco’s top employment sources. The property features flat-style apartments, and two-tier and tri-level townhomes. Columbus Heights is located one mile from downtown Waco and less than two miles from Magnolia Market at the Silos. Both properties were constructed in 2015.
About Marcus & Millichap
With over 1,800 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 2017 with a value of approximately $42.2 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.