Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Watermarke, a 386-unit multifamily property in Fort Worth, Texas.
“Located in fast-growing Southwest Fort Worth, Watermarke is an excellent candidate for repositioning via strategic physical and operational improvements,” said Al Silva, senior managing director investments in Marcus & Millichap’s Fort Worth office. Silva represented the seller, a San Antonio-based private investment company and procured the buyer, California-based Tides Equities. “The transaction closed just 60 days after an agreement was reached between buyer and seller,” Silva added. “The new owners plan to rebrand the property as Tides Waterfront and invest more than $7 million in renovations to building exteriors, common area amenities and unit interior finishes. This extensive renovation will help set a new standard for the quality of rental options in this rapidly changing area of Fort Worth.”
Watermarke is located off Chisholm Toll Parkway, near Texas Christian University and Tarrant County College. Multiple shopping options are close by, including across the street at Costco, and at the nearby Ridge Rock and Overton Park Plazas. The 19-building, three-story property was constructed on 14 acres in 1986. Community amenities include three outdoor swimming pools, a clubhouse with a business center and gym, a laundry facility and dog park. Apartments have high ceilings, private patios or balconies, and fireplaces.
During the past 24 months, the Fort Worth-based Silva multifamily team has conducted the successful marketing and sale of 34 apartment communities in the Dallas-Fort Worth area totaling more than 6,050 units and $530 million in sales volume.