Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Fielder’s Glen, a 220-unit apartment property built in 1985 in Arlington, Texas.
“After 18 years of previous ownership and management, the Fielder’s Glen presents the buyer with a solid yield from day one of ownership and a first-generation value-add opportunity in a great Arlington location,” said Al Silva, senior managing director investments in Marcus & Millichap’s Fort Worth office. “More than 90 percent of the apartments have their original finishes and the rest have only received light upgrades. Strong local demographics include annual average income of $75,000 and $60,000 median annual household within a mile of the community.” Silva represented the seller, a private Colorado-based partnership and procured the buyer, a private investment company based in Canada.
During a three-week marketing effort, the property attracted 38 offers from a wide range of local, out-of-state and foreign investment groups. “The sale closed about 60 days after an agreement was reached between buyer and seller,” added Silva. “The new owners plan to implement a multi-million-dollar renovation program to improve the curb appeal, common area amenities and unit interior finishes. These improvements will significantly improve the living experience for area renters.” During the past 24 months, the Fort Worth-based Silva multifamily team has successfully marketed and sold 33 multifamily properties in the Dallas totaling 6,000 units and nearly $520 million in volume.
Fielder’s Glen is located near Interstate 20 and the Parks Mall at Arlington shopping center. The location provides residents with easy commutes to Downtown Fort Worth and Dallas. Built on 10 acres, the 15-building property’s common area amenities include a large swimming pool, fitness center, clubhouse, laundry facilities, and open courtyards.