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 Apartments at Fountains Corner, a 418-unit apartment property located at 5046 Hildring Drive East in Fort Worth, Texas, according to Mark R. McCoy, Regional Manager of the firm’s Fort Worth office.
Al Silva, Senior Managing Direct Investments in Marcus & Millichap’s Fort Worth office, exclusively marketed the 62-building property on behalf of the seller, Dallas-based WAK Management, who had owned the property for more than 20 years. The buyer, a Texas-based private investment group, was also secured by Mr. Silva. The 18.5-acre property was marketed by Silva for 4 weeks and attracted 10 offers from investment groups all over the US. The sale ultimately closed about 90 days after an agreement was reached between buyer and seller. The new owners are planning a multi-million-dollar renovation program that will include improvements to the building exteriors and common area amenities along with significant renovations to unit interiors. This will make the community a more attractive place to live for area renters and will position the property well to capitalize on the continued growth in the southwest Fort Worth area. The Apartments at Fountains Corner is situated along I-20 at Granbury Road and offers residents a commute of just minutes to Chisholm Trail Parkway, Hulen Mall, TCU and downtown Fort Worth.
Since 2018, the Fort Worth-based Silva Multifamily Team has completed the sale of more than 48 apartment communities in the D/FW area totaling nearly 8,200 units and $620 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.
