Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of The Crossings 820, a 418-unit apartment complex located at the intersection of Interstate 20 and Granbury Road in Fort Worth, Texas.
“This unique opportunity to acquire a large, well-located value-add asset that has not yet undergone a programmatic unit upgrade campaign led to a highly competitive sales process,” said Al Silva, senior managing director investments in Marcus & Millichap’s Fort Worth office. “With a median annual income of $72,000 within one mile of the property, The Crossings 820 benefits from having strong demographics in this southwest Fort Worth rental market, and with the nearest competing property two miles away, no immediate competition.” Silva was the exclusive agent in this transaction, representing the seller, Applesway Investments, and procuring the buyer, a private Dallas-based investment group. The buyer closed about 90 days after an agreement was reached.
The property’s location gives its residents excellent proximity to area retailers, employers, and schools. Texas Christian University, Hulen Mall, the high-end Clearfork and Edwards Ranch Developments and the new Chisholm Trail Parkway are all within a short commute.
Built in four phases between 1967 and 1971, The Crossings 820 features 23 different floor plans that range from one-to-three bedrooms, providing options to fit the needs of any prospective resident. Previous ownership maintained the properties well with nearly $3.5 million in capital improvements since 2015. All roofs have been replaced over the past five years.
Since the beginning of last year, the Fort Worth-based Silva Multifamily team has completed the successful marketing and sale of 43 multifamily properties in the Dallas/Fort Worth area totaling more than 8,300 units and approximately $1 billion in transaction volume.