Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of two multifamily properties in Dallas-Fort Worth. The assets are Copper Creek, a 274-unit asset in Fort Worth, and 357-unit Highland Bluffs in Dallas.
“Built in 1986, Copper Creek’s financial performance can be improved to a level comparable with several properties of similar vintage and quality in the immediate area,” said Al Silva, senior managing director investments in Marcus & Millichap’s Fort Worth office. “Highland Bluffs, completed in 1985, is a true first-generation opportunity that has tremendous value creation potential.” Silva and Ford Braly represented the sellers and procured the buyers in both transactions. A California-based private investment company sold Copper Creek to California-based Tides Equities and Highland Bluffs was placed on the market by Westmount Realty Partners and acquired by Dallas-based Lurin Investments. Improvement strategies for these assets are supported by the Metroplex’s strong multifamily market fundamentals,” added Braly. “Ranked No. 1 in the nation for jobs added on a net basis since the beginning of the pandemic, Dallas-Fort Worth’s strong employment growth and household formation contribute to exceptionally low vacancy and substantial rent growth.”
“These sales demonstrate that despite the challenges we are currently experiencing in the capital markets environment, strong fundamentals and ongoing growth in the Metroplex continue to support a robust investment environment for multifamily assets,” said Silva.
Copper Creek’s East Fort Worth location places it close to Downtown Fort Worth, Arlington, Dallas-Fort Worth International Airport and North East Mall, a super-regional shopping center. Lake Arlington and the Trinity River are nearby. The 17-building property’s common area amenities include a swimming pool, soccer field, playground and laundry facility. Apartments have private patios or balconies, walk-in closets, and separate dining areas.
Highland Bluffs is located on John West Road near Interstate 30, within a short commute of Downtown Dallas and close to public transit systems. Harold Lang Sr. Middle School is within walking distance. The 28-building asset has a large swimming pool, laundry facility, patios with outside storage, and a large playground and picnic area. Select units have fireplaces.
Since the beginning of last year, the Fort Worth-based Silva Braly multifamily team of Marcus & Millichap has completed the successful marketing and sale of 45 multifamily assets in the Dallas-Fort Worth area totaling more than 9,200 units and nearly $1.1 billion in sales volume.
