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 Emerald Point, a 76-unit apartment property located in Irving, Texas, according to Mark McCoy, Sales Manager of the firm’s Fort Worth office.

Al Silva, Senior Managing Director Investments and Ford Braly, Vice President Investments in Marcus & Millichap’s Fort Worth office, exclusively marketed the property on behalf of the seller, a private owner from out of state. During a three-week marketing campaign, the Silva Multifamily Team conducted 18 property tours and collected 8 very competitive offers. The Silva Team also sourced the buyer, a local private investor that owns multiple deals in the immediate submarket, who secured the deal with an above list price offer and non-refundable earnest money from day one of contract.

During the past 12 months through June 2019, the Silva Multifamily Team has successfully completed the sale of 31 apartment communities in the D/FW area totaling nearly 6,000 units and $450,000,000 in value.

Emerald Point is located at 2861 West Pioneer Drive in Irving, Texas with an excellent location in strong rental market. Tenants have quick access to Highway 183, DFW Airport and many quality shopping and dining establishments. Emerald Point has very unique and attractive architecture that gives it a competitive advantage in this rental market.

The subject property was built in 1965 and consists of four buildings which are comprised of brick veneer and siding with pitched composition shingles roofs and wood frames on concrete slab foundations. The property has individual HVACs and is individually metered for electricity.

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.