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 Meadows, a 120-unit apartment property located in Lancaster, Texas, according to Mark R. McCoy, Regional 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 Washington-based private investment company. The buyer, a Texas-based limited liability company, was also secured by the Silva Multifamily Team. The property attracted 24 property tours and competitive offers from 11 potential buyers during a 4-week marketing effort, which culminated in the property selling just 60 days after an agreement was reached between buyer and seller.
The Meadows is located at 1500 North Blue Grove Road in Lancaster, Texas along Pleasant Run Road, which is a major thoroughfare boasting high traffic counts and a substantial retail and office presence. The property is situated just east of Interstate 35, 15 minutes from downtown Dallas and within walking distance of a grocery-anchored shopping center and public transportation routes. The property was built in 1981 and residents enjoy amenities such as a large swimming pool and office/clubhouse.
The new owners plan to make substantial physical improvements to both the unit interiors and exterior of the property and to change management companies to improve the resident experience. During the past year, the Fort Worth-based Silva Multifamily Team has conducted the sale of 35 apartment complexes in D/FW totaling more than 7,000 units and over $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.
