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 The MacDonald 3 Value-Add Portfolio, a three property package totaling 532 units located in Fort Worth and Arlington. The three properties included the 228-unit Aspen Woods and 168-unit The Rochester in Arlington and the 136-unit Cobble Hill in Fort Worth. The properties were marketed together but ultimately sold to three separate investment groups.
Al Silva, Senior Managing Director Investments in Marcus & Millichap’s Fort Worth office, exclusively marketed the properties on behalf of the seller, Dallas-based MacDonald Realty Group. Aspen Woods was purchased by Dallas-based Sentinel Peak Capital, Cobble Hill by Austin-based Obsidian Capital and The Rochester to Lubbock-based Madera Residential. All three properties attracted multiple offers from prospective buyers from all over the US and all closed within 30 days of one another. They will all undergo multi-million-dollar renovations to common area amenities, building exteriors and unit interiors in order to provide a higher quality living environment for area renters.
The Rochester was built in 1980 and is located at 2604 Furrs Street in Arlington, Texas just north of Interstate 30 along North Collins Street. Aspen Woods was built in 1976, is also in Arlington at 2910 South Collins and has been renamed The District on Collins by the new owners. Cobble Hill was built in 1983 and is located in east Fort Worth at 6050 Oakland Hills Drive. During the past 12 months, The Fort Worth-based Silva Multifamily Team of Marcus & Millichap has completed the sale of 39 apartment complexes in the Dallas/Fort Worth area for over $500 million in total 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.
