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 Cobble Hill, a 136-unit apartment property built in 1983 and located in Fort Worth, 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 private investment company, was also secured by Mr. Silva. The property was offered as one of a three-property, 532-unit portfolio with the other two assets being located in Arlington. During a five-week marketing campaign, Cobble Hill attracted 11 property tours and 5 offers with interested buyers coming from all over the US. The new owners will implement a number of major capital improvements to the exteriors, common area amenities and unit interiors to make the property more appealing to area residents.
Cobble Hill is located at 6050 Oakland Hills Drive in Fort Worth, Texas just 10 minutes east of downtown near the intersection of Interstate 30 and Loop 820. This strategic location offers an easy commute to downtown Fort Worth, the mid-cities (HEB) area, D/FW Airport and innumerable employment and retail options. The entertainment district in Arlington and Northeast Mall in Hurst, one of the nation’s largest shopping malls, are both just 10 minutes away as well.
During the past 12 months, the Silva Multifamily Team has conducted the sale of 39 apartment properties in the D/FW area totaling nearly 7,000 units and $500 million in sales volume.
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.
