Marcus & Millichap Inc.
12/09/2024 | Press release | Distributed by Public on 12/09/2024 18:20
Marcus & Millichap Arranges Sale of 16 Unit Apartment Building in Dallas Fort Worth Metro
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Marcus & Millichap Arranges Sale of 16-Unit Apartment Building in Dallas Fort-Worth Metro
December 09, 2024
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ARLINGTON, Texas, Dec. 9, 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 Treehouse Apartments, a 16-unit apartment property located in Arlington, Texas.
Dylan York, associate, Ford Braly, first vice president of investments, and Al Silva, senior managing director investments, in Marcus & Millichap's Fort Worth office, exclusively marketed the property on behalf of the out-of-state owner. The buyer, an experienced private investor, was also secured by York, Braly, and Silva.
The Treehouse offering came to market fully vacant after receiving a significant value-add investment of $650,000 before the sale. Despite the property being vacant, the Silva Braly Team procured 15 property tours and multiple list-price offers. The buyer secured the deal with a list-price offer and nonrefundable earnest money due to the unique opportunity for immediate appreciation upon lease-up and stabilization of Treehouse.
Treehouse is a 16-unit, individually metered community located at 1400 Cherry Drive. The property is situated near the major intersection of Pioneer Parkway and Fielder Road, both being major East/West and North/South thoroughfares, respectively. Residents enjoy a private, wooded enclave, with newly renovated apartments that have exceptional floorplans. The interiors of the units have granite countertops, tile backsplashes, stainless and black appliances, new wood vinyl flooring, and fresh paint.
Since the beginning of 2022, the Fort Worth-based Silva Braly Multifamily Team of Marcus & Millichap has completed the successful marketing and sale of over 35 apartment properties in the Dallas-Fort Worth area totaling more than 6,500 units and $815 million in transaction volume.
Dylan York, associate, Ford Braly, first vice president of investments, and Al Silva, senior managing director investments, in Marcus & Millichap's Fort Worth office, exclusively marketed the property on behalf of the out-of-state owner. The buyer, an experienced private investor, was also secured by York, Braly, and Silva.
The Treehouse offering came to market fully vacant after receiving a significant value-add investment of $650,000 before the sale. Despite the property being vacant, the Silva Braly Team procured 15 property tours and multiple list-price offers. The buyer secured the deal with a list-price offer and nonrefundable earnest money due to the unique opportunity for immediate appreciation upon lease-up and stabilization of Treehouse.
Treehouse is a 16-unit, individually metered community located at 1400 Cherry Drive. The property is situated near the major intersection of Pioneer Parkway and Fielder Road, both being major East/West and North/South thoroughfares, respectively. Residents enjoy a private, wooded enclave, with newly renovated apartments that have exceptional floorplans. The interiors of the units have granite countertops, tile backsplashes, stainless and black appliances, new wood vinyl flooring, and fresh paint.
Since the beginning of 2022, the Fort Worth-based Silva Braly Multifamily Team of Marcus & Millichap has completed the successful marketing and sale of over 35 apartment properties in the Dallas-Fort Worth area totaling more than 6,500 units and $815 million in transaction volume.
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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.