Marcus & Millichap (NYSE: MMI), the leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Town North Cedars & Studios, a 38-unit apartment property located in Arlington, Texas, according to Tim A. Speck, division manager in the firm’s Dallas office.
Matt Aslan, Nick Fluellen, Bard Hoover and Wesley Racht, investment specialists in Marcus & Millichap’s Dallas office, brokered this off-market transaction on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Aslan, Fluellen, Hoover and Racht. Both the seller and the buyer were local to DFW.
"After identifying an owner interested in selling their 38-unit apartment building, Wes reached out to me as a 75-unit and below specialist within our team and I was able to procure the buyer and present an offer to the seller within 24 hours,” stated Aslan.
“The biggest success was that we were able to leverage our team’s strength and provide the seller with the highest certainty of close”, stated Racht.
Built in 1971, Town North Cedars & Studios is located at 507 Cora and 601 Fuller Street in Arlington, Texas. The property is situated on 1.7 Acres of land, featuring 38 apartments. The unit mix is 10 one-bedroom/one-bath apartments, 8 two-bedroom/two-bath apartments, and 20 two bedroom/one-and-one-half bath apartments.
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.
