Marcus & Millichap Arranges The Sale Of A 112-Unit Apartment Building

1/16/17

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Valencia Park, a 112-unit apartment property located in Hurst, Texas, according to Kyle Palmer, Regional Manager of the firm’s Fort Worth office.

Al Silva, First Vice President Investments and Ford Braly, Associate in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a local private investor. The buyer, a Dallas-based private investor, was also secured by Mr. Silva and Mr. Braly. The property attracted 20 property tours and 7 offers during a brief four week marketing effort. Due to the competitive nature of the sale and their experience in the area, Mr. Silva and Mr. Braly were able to negotiate non-refundable earnest money from day-one of contract for the seller. The new owner has plans for significant renovations to the property to make the community more attractive to area renters.

Valencia Park is a 112 unit, individually metered community located at 300 North Booth Calloway in Hurst, Texas. The subject property was built in 1968 and is comprised of solid brick exteriors with wood frames and new mansard style roofs on concrete slab foundations. Residents enjoy the large swimming pool, onsite laundry facilities and large common areas with playgrounds and barbecue grills. This property also boasts an average unit size of about 1,000-square feet with 75 percent of the units being two bedroom or three bedroom floorplans.

About Marcus & Millichap (NYSE: MMI)

With over 1,600 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 over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company 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

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