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 Aspen Woods, a 228-unit apartment property located in Arlington, Texas, according to Mark McCoy, Sales Manager of the firm’s Fort Worth office.
Al Silva, Senior Managing Director Investments in Marcus & Millichap’s Fort Worth office, exclusively marketed the property on behalf of the seller, a Dallas-based partnership. The buyer, a Texas-based investment firm, was also secured by Mr. Silva The new owners plan to implement a multi-million-dollar renovation to the property. Aspen Woods was marketed as part of a three-property portfolio that sold to three different investment groups.
Aspen Woods is located at 2910 South Collins Street, a major artery that cuts through the heart of the city of Arlington and along which AT&T (Cowboys) Stadium is located. This convenient and fast-growing location offers easy access to major retail, shopping and entertainment along with convenience to area schools.
The subject property was built in 1976 and consists of 16 buildings which are comprised of brick and hardie plank exteriors with pitched composition roofs on concrete slab foundations. Residents enjoy individual HVAC units and hot water heaters and a large swimming pool outside the leasing office. The spacious units are overwhelmingly 2BR and 3BR floorplans and average almost 850-square feet.
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.
