Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Ashton, a 152-unit apartment community in Saginaw, Texas.
“This closing is a great example of the importance of staying relentless in this environment,” said Ford Braly, first vice president. “The choppy markets caused some heartburn throughout the marketing process, but our client had a debt maturity problem to solve, and we all worked together to find the right buyer for the project.”
Braly along with Al Silva, senior managing director investments, and Dylan York, associate, all based in Marcus & Millichap’s Fort Worth office, exclusively marketed the property on behalf of the seller, a private out-of-state investor, and procured the buyer, an experienced local operator. “After conducting 30 tours and fielding 20 offers, the buyer was awarded the offering due to their experience and strong offer terms, including non-refundable money day-one,” added Silva. “The buyer proceeded to do everything they said they would do, including closing an agency loan in 60 days from PSA signing.”
The buyer plans to make select improvements to the property and capitalize on the limited competition in Saginaw’s class B multifamily housing market. “Saginaw is 10 minutes north of the thriving Fort Worth Stockyards and 10 minutes south of the Alliance developments,” said York. “Through the eyes of a renter, this location presents a perfect opportunity for suburban living with access to major amenities and employers.”
Ashton offers one- and two-bedroom apartments with private patios or balconies, walk-in closets and fireplaces. Residents have access to a clubhouse, swimming pool, dog park and barbecue grilling stations. Recent upgrades include renovated unit interiors, an updated leasing office and enhancements to shared amenities.
Since the beginning of 2023, the Fort Worth-based Silva Braly Multifamily Team of Marcus & Millichap has completed the successful marketing and sale of over 15 apartment properties in the Dallas-Fort Worth area totaling more than 2,000 units and $250 million in transaction volume at a market-leading 99.5% close to list ratio.
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.
