Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Tides Waterfront, a 386-unit multifamily asset in Fort Worth, Texas.
“Tides Waterfront is at the junction of Overton Ridge Blvd and Chisholm Trail Parkway, two heavily trafficked streets in the quickly developing Southwest Fort Worth submarket,” said Al Silva, senior managing director investment, Marcus & Millichap. “In addition to its location across from a Costco Warehouse, Tides Waterfront is within close proximity to strong employment and entertainment drivers, including Harris Southwest Hospital, new high-end retail centers, Waterside and Clearfolk, and Texas Christian University.” Silva and Ford Braly, first vice president investments, Marcus & Millichap, represented the seller, Tides Equities and procured the buyer, an out-of-state investment company. The sale closed in under 90 days after an agreement was reached. It was marketed for four weeks, during which multiple qualified offers were procured.
Built in 1986, Tides Waterfront consists of 21 three-story buildings and includes recent capital improvements of $2.3 million by previous ownership. Amenities include three swimming pools, a clubhouse with a business center, fitness center, dog park, laundry facilities, and an onsite lake. The asset benefits from strong neighboring demographics, which include an average income exceeding $102,000 for residents within three miles.
“We have seen substantial and consistent growth throughout the Southwest submarket of Fort Worth, further validating the interest we received for Tides Waterfront,” added Braly. “Our new buyers will be able to expand upon the recent renovations and implement unit upgrades, as only 62 of the current units have been fully upgraded. Tides Waterfront is an attractive, value-add asset that we believe will immediately provide strong returns for our buyer given continued interest in the Dallas-Fort Worth Metroplex.”
Since the beginning 2021, the Fort Worth-based Silva Braly Multifamily Team of Marcus & Millichap successfully brokered 50 apartment properties in the Dallas-Fort Worth area totaling over 10,000 units and $1.2 billion in transaction volume.