Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Rio Vista, a 246-unit apartment property located in Haltom City, Texas, according to Mark McCoy, Sales Manager of the firm’s Fort Worth office.
Al Silva, Senior Managing Director Investments and Ford Braly, Senior Associate in Marcus & Millichap’s Fort Worth office, exclusively marketed the 13-building property on behalf of the seller, a private California-based investment group who had owned the property for more than 24 years. The Silva Multifamily Team also secured the buyer, a Florida-based investment company. The property attracted 16 potential buyers, and the group who ultimately purchased Rio Vista plans to spend more than $2.5 million renovating the property in order to make it a more appealing place to live for area renters. Improvements will be made to the exteriors, common area amenities and unit interiors.
Rio Vista was built in 1969 and is located at 6324 Baker Boulevard in Haltom City along Grapevine Highway, a major artery that runs from downtown Fort Worth through the mid-cities area up to Colleyville and Southlake. The property offers easy access to Highway 183, Loop 820 and a short commute to major area employers and shopping centers such as Northeast Mall. Rio Vista is also situated within Birdville ISD and is situated across the street from Birdville ISD headquarters.
Since the beginning of 2018, the Silva Multifamily Team has conducted the sale of 38 apartment buildings in the Dallas/Fort Worth area totaling more than 6,300 units and $465,000,000 in sales volume. Dallas/Fort Worth remains an attractive place for multifamily investors from all over the US due to strong population and job growth, business friendly environment and low cost of living compared with other major cities.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
