Marcus & Millichap Closes 224-Unit Affordable Housing Asset Sale in Arlington

ARLINGTON, Texas, Dec. 17, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Addison Park, a 224-unit affordable housing asset in Arlington, Texas.

"Clients on both sides of this transaction navigated a variety of complexities to complete the deal, which included a loan assumption and approval from the Texas Department of Housing and Community Affairs," said Sam Pettigrew, first vice president investments in Marcus & Millichap's Dallas office. Pettigrew and Marcus & Millichap's Wes Racht, Nick Fluellen, and Bard Hoover brokered the transaction on behalf of the seller, and procured the buyer, Brazos Residential. "We are committed to maintaining the affordable status of this property and improving our tenants' lives by creating a thriving community," said Will Hancock, managing partner and co-founder of Brazos Residential.

The property is in South Arlington, close to U.S. Route 287 and the Tierra Verde Golf Club. Downtown Fort Worth is 15 miles away, shopping is nearby at The Parks Mall at Arlington, and Dallas Fort Worth International Airport is within 30 miles.

Completed in 2004, Addison Park is a controlled-access, three-story property with a swimming pool, business center, playground, and picnic area. The unit mix of one-, two- and three-bedroom apartments has washer/dryer connections, dishwashers, and built-in microwave ovens.

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.