Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Franklin Park of Desoto, a 240-unit, age-restricted apartment asset for residents 55 years and older in in Desoto, Texas.
“Franklin Park of Desoto is the only market-rate, age-restricted multi-housing asset in the area,” says Rod Llanos, first vice president investments in Marcus & Millichap’s Houston office, who focuses exclusively on seniors housing investment sales. “Consequently, it has a history of stability and high occupancy.”
“The number of offers we generated created a highly competitive situation,” adds Doug O’Toole, first vice president investments, who exclusively focuses on seniors housing investment sales.
Llanos and O’Toole represented the seller, a local Texas company. Will Balthrope, executive director of Institutional Property Advisors (IPA), and Jennifer Campbell, IPA director, procured the buyer, another Texas-based company. The buyer has retained the current management company, Franklin Companies, which is based in San Antonio.
Built in 2009, Franklin Park DeSoto is a few blocks from the Thorntree Country Club and approximately two miles from the DeSoto Senior Center, Methodist Charlton Medical Center, and shopping venues. The community’s 31 buildings are spread over more than 22 well-manicured acres that include walking paths, outdoor activity and events space, oak trees and a creek. Among the property’s many community amenities are a media room with surround sound and stadium seating, and a resort-style pool with a Jacuzzi and outdoor fireplace.
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.