Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale and financing of Fountains of Jupiter Apartments, a 108-unit apartment property built in 1986 and located in Dallas, Texas.
Al Silva, senior managing director investments, and Ford Braly, first vice president investments, in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the owner, a Dallas-based investment group. The buyer, a newly formed partnership also based in Dallas, was procured by Silva and Braly. The property attracted 24 tours and nine offers during a four-week marketing campaign.
Brandon Brown, senior managing director at Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, procured 7-year agency debt for the buyer
featuring a 3-year interest only period. Brown specializes in multifamily capital advisory and has procured billions over his 24-year career. “It is always a pleasure to collaborate with the Silva-Braly Multifamily Team on transactions and find ways to add
value.” said Brown.
Fountains of Jupiter is situated along Interstate 635, providing convenient access to area employment centers, shopping, and schools. Built in 1986, the community features well-designed floor plans with washer/dryer equipment, individual HVAC systems, copper wiring, and PVC plumbing. Community amenities include a large swimming pool with a spa, bark park, secure access gates, and garden fountains. Residents also enjoy private patios/balconies, spacious walk-in closets, and brick fireplaces. The new owners plan to improve unit interiors and property management, enhancing Fountains’ competitiveness
in the area rental market.
Since the beginning of 2022, the Fort Worth-based Silva Braly Multifamily Team of Marcus & Millichap has completed the successful marketing and sale of over 35 apartment properties in the Dallas-Fort Worth area totaling more than 6,500 units and $815 million in transaction volume.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
