Marcus & Millichap Inc.
Marcus & Millichap Inc.
10/09/2024 | Press release | Distributed by Public on 10/09/2024 23:05
Marcus & Millichap Facilitates Sale and Financing of 136-Unit Fort Worth Apartment Community
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Marcus & Millichap Facilitates Sale and Financing of 136-Unit Fort Worth Apartment Community
September 10, 2024
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FORT WORTH, TX, Sept. 10, 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 Cobble Hills, a 136-unit apartment community in Fort Worth, Texas. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged the acquisition financing.
"Cobble Hill attracted great attention during our marketing process, as it was priced attractively, qualified for appealing loan terms, and offered a new owner several avenues to add value in the years ahead. There's also simply not a lot of product like this on the market today," Silva said. "The new owners are going to invest a significant amount of capital into making improvements to unit interiors, while also upgrading the exterior and common areas. By making those improvements, Cobble Hill should become an even more attractive option for area renters as a clean, safe, and appealing place to live," Braly added.
Al Silva, senior managing director investments, and Ford Braly, senior vice president investments in Marcus & Millichap's Fort Worth office, had the exclusive listing to market the property on behalf of the seller, Obsidian Capital, and procured the buyer, an out-of-state family office. The property attracted 10 offers during a four-week marketing process and closed about three months after an agreement was reached.
$7.5 million in acquisition financing was obtained by MMCC executive managing director Danny Abergel, based in the firm's Los Angeles office. Terms of the 7-year loan include two years of interest-only followed by 30-years amortization and a loan-to-value of 60%.
Cobble Hills spans 12 buildings and offers 136 units, including a mix of one-, two-, and three-bedroom apartments. The property is located at 6050 Oakland Hills Drive, near the intersection of Interstate 30 and Loop 820. It is within minutes of downtown Fort Worth, Arlington, and the HEB area, which hosts several economic drivers and employment centers. Additionally, AT&T Stadium, Globe Life Field, Texas Live, and Northeast Mall are all within a 10-minute drive, making this location highly attractive for area workers.
"Cobble Hill attracted great attention during our marketing process, as it was priced attractively, qualified for appealing loan terms, and offered a new owner several avenues to add value in the years ahead. There's also simply not a lot of product like this on the market today," Silva said. "The new owners are going to invest a significant amount of capital into making improvements to unit interiors, while also upgrading the exterior and common areas. By making those improvements, Cobble Hill should become an even more attractive option for area renters as a clean, safe, and appealing place to live," Braly added.
Al Silva, senior managing director investments, and Ford Braly, senior vice president investments in Marcus & Millichap's Fort Worth office, had the exclusive listing to market the property on behalf of the seller, Obsidian Capital, and procured the buyer, an out-of-state family office. The property attracted 10 offers during a four-week marketing process and closed about three months after an agreement was reached.
$7.5 million in acquisition financing was obtained by MMCC executive managing director Danny Abergel, based in the firm's Los Angeles office. Terms of the 7-year loan include two years of interest-only followed by 30-years amortization and a loan-to-value of 60%.
Cobble Hills spans 12 buildings and offers 136 units, including a mix of one-, two-, and three-bedroom apartments. The property is located at 6050 Oakland Hills Drive, near the intersection of Interstate 30 and Loop 820. It is within minutes of downtown Fort Worth, Arlington, and the HEB area, which hosts several economic drivers and employment centers. Additionally, AT&T Stadium, Globe Life Field, Texas Live, and Northeast Mall are all within a 10-minute drive, making this location highly attractive for area workers.
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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.