Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of three multifamily assets in the Mid-Cities region between Dallas and Fort Worth, Texas. The properties are Park Place, a 120-unit asset built in 1978, Twenty Oaks, an 86-unit property constructed in 1984, and 171-unit The Francisco, built in 1969. The properties sold for a total of $36.6 million.
“These assets provide new ownership with opportunities to grow revenue and create value through leveraging ancillary income streams, making select, market-competitive improvements, and implementing more proactive ownership,” said Al Silva, senior managing director investments in Marcus & Millichap’s Fort Worth office. Silva and Marcus & Millichap’s Ford Braly represented the sellers and procured the buyers in all three transactions. Tyler Rentfro, associate director with Marcus & Millichap Capital Corporation in Dallas, arranged acquisition financing for The Francisco.
“Park Place is a meticulously maintained asset that was under the same ownership and management for nearly 40 years,” said Braly. “Twenty Oaks has been well kept by an out-of-state owner for over 30 years. Each property was actively marketed in late 2022, a time characterized by volatile, uncertain capital markets and buyer sentiment. Despite these headwinds, each asset attracted ample buyer attention and sold at or above seller pricing expectations.”
Park Place is an eight-building property located in Hurst, across from Northeast Mall, one of the largest shopping centers in Texas. Loop 820 and Texas State Highways 121 and 183 are nearby. Located in Arlington, Twenty Oaks is a six-building asset close to four major grocery chains and near access to the Parks Mall and Grand Prairie Premium Outlets. The Francisco is a nine-building property under five miles from Downtown Dallas near Joppa Preserve, Trinity River Audubon Center and Dallas Zoo.
“MMCC secured attractive nonrecourse terms at above 70% loan-to-cost for The Francisco in this turbulent credit cycle,” said Rentfro. “This financing illustrates that multifamily continues to be a favored product type even in a rising interest rate environment.”
The Fort-Worth-based Silva Braly Multifamily team closed 2022 with 26 multifamily assets successfully marketed and sold in the Dallas-Fort Worth area, totaling nearly 5,000 units and $700 million.