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 Manitoba, a 265-unit apartment property located in Fort Worth, Texas, according to Mark R. McCoy, Regional 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 non-profit who had owned and operated the asset for 18 years. The Silva Team’s marketing campaign yielded excellent results for the seller by producing 29 property tours and 12 offers during a 4-week campaign. The offering attracted bidders from all over the United States. The selected buyer, an experienced Dallas-based investment group, was secured by Mr. Silva along with the Silva Team’s Ford Braly, Vice President Investments in Marcus & Millichap’s Fort Worth office.
The new owners, who already own other apartment communities nearby, placed attractive new debt and have plans for a multi-million-dollar renovation to bring the property up to market standards and improve property management. Building exteriors, common are amenities and unit interiors will all receive significant enhancements, which will end up providing a strong positive for the living standards renters can enjoy in the immediate area.
Manitoba is located at 8225 Calmont Avenue in Fort Worth, Texas, just a few minutes west of downtown Fort Worth. The property was built in 1971 and consists of five large buildings which are comprised of mansard style roofs, wooden siding and stucco exteriors on concrete slab foundations. Amenities include 2 swimming pools, laundry facilities, a community/after school center and a new playground.
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.
