Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Rio Vista, a 246-unit apartment asset in the northeast suburbs of Fort Worth.
“With over $4 million in recent capital enhancements throughout the property, Rio Vista’s investment and prospective resident appeal has never been higher,” said Al Silva, senior managing director investments for Marcus & Millichap. “Rio Vista’s proximity to major freeways and access to local shopping, entertainment and Fort Worth recreational activities made for a highly competitive bidding process.” Silva and Ford Braly, first vice president investments on the Silva Multifamily Team of Marcus & Millichap, represented the seller, Florida-based Greenwater Investments, and procured the buyer, a California-based real estate investor. “The property attracted 11 property tours and numerous offers from a wide range of buyers from all over the US during our four-week marketing period. We were able to exceed our seller’s price expectations and achieve certainty of close from the day the agreement was made between buyer and seller.” Adds Silva.
Rio Vista apartments features one- and two-bedroom home-styled floor plans which includes access to the plethora of communal and in-unit amenities. Two renovated, resort-style pools, spacious courtyard, wooded landscape, playground, dog park and soccer field are just some of the property’s amenities. The new owners are planning to make improvements to interior finishes as units turn over, making Rio Vista even more of an attractive and comfortable place to live.
The property is situated within the highly rated Birdville ISD, with a brand-new Elementary school next door that opened in August. The opening of this school provides a significant boost to renter demand at Rio Vista, already located in an area short on workforce housing options. Dallas/Fort Worth Airport, Downtown Fort Worth, Northeast Mall, and Bell Helicopter are all within a short commute of Rio Vista.
“Rio Vista provides our new investor an outstanding opportunity with this large, well- located class B community located in the heart of the nation’s most dynamic multifamily market. The asset will achieve above average returns through improved property management and upgraded interior finishes,” added Braly.