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 Havenwood, a 316-unit apartment property built in 1985 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 Florida-based investment company who had owned the asset for 7 years. The buyer, a Dallas-based private investment company, was also secured by Mr. Silva. The sale closed just 60 days after an agreement was reached, and the new owners are planning a multi-million-dollar renovation to improve common area amenities, building exteriors and unit interior finish out. Upon completion, Havenwood will become the premier workforce housing option for renters in this east Fort Worth neighborhood. The amenities package is unrivaled in the area and includes two large swimming pools, a tennis and racquetball court and ample open courtyard space. The community consists of 1-bedroom and 2-bedroom floor plans averaging more than 850 square feet.
This 25-building complex is located at 6500 Melwood Street in Fort Worth, Texas, and is conveniently situated 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 ten minutes away as well.
During the past year, the Fort Worth-based Silva Multifamily Team has conducted the sale of 34 apartment complexes in D/FW totaling nearly 7,000 units and $500 million in transaction 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.
