Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Rio on the Parkway, a 304-unit apartment property in Arlington, Texas.
“The new owner will make significant capital improvements and take the property to the next level,” said Nick Fluellen, senior managing director investments. Fluellen, Bard Hoover, senior managing director investments, and Wesley Racht, associate, represented the seller and procured the buyer, multifamily owner/operator John Barker. “There are substantial upside opportunities for the buyer as housing demand, fueled by employment growth, stays strong in the Metroplex,” added Hoover.
The property was built in 1972 on 9.5 acres in Arlington, midway between Dallas and Fort Worth. Residents can walk to retail shopping at Collins Village, Center Street Court and Stoneridge Plaza. The University of Texas at Arlington is a 10-minute drive away.