Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of The Destino, a 192-unit, 2000s vintage multifamily asset in Grand Prairie, Texas.
“New ownership can enjoy excellent cash-on-cash returns from day one and increase near-term net-operating income and value by continuing the unit upgrade program and implementing a water conservation program,” said Al Silva, senior managing director investments in Marcus & Millichap’s Fort Worth office. Silva and Ford Braly, senior vice president investments,had the exclusive listing to market the property on behalf of the seller, Atlantic Multifamily, and procured the buyer, a New York-based private investment company. “Despite continued volatility in the capital markets, we were able to achieve a sale with new financing placedwith Housing Finance Corporation and close just 60 days after our agreement was reached,” added Braly.
Situated on 11 acres, The Destino is an 18-building, three-story property with a limited access gate, swimming pool, outdoor kitchen, playground, and dog park. Apartments have separate dining areas, walk-in closets, and washer and dryer connections. The average unit size is 1,000 square feet.
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 38 apartment properties in the Dallas-Fort Worth area totaling more than 6,800 units and $835 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.
