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 Copper Creek, a 1986 vintage 274-unit apartment property located in Fort Worth, Texas, according to Kyle Palmer, Regional Manager of the firm’s Fort Worth office.
Al Silva, Senior Vice President Investments in Marcus & Millichap’s Fort Worth office had the exclusive listing to market the property on behalf of the seller, Lubbock-based Madera Residential. The buyer, an out of state investment company, was secured by Mr. Silva and Ford Braly, a Senior Associate on the Silva Multifamily Team of Marcus & Millichap. The property was on the market for just one day before an agreement was reached between buyer and seller, and the buyer placed new Fannie Mae financing for the acquisition. The buyer plans to make both physical and operational improvements to the property in order to make it a more attractive place to live for local renters.
Copper Creek is a 274 unit community located at 6011 Oakland Hills Drive in Fort Worth, Texas. Many apartment communities in this area of East Fort Worth have experienced substantial redevelopment and improvement in recent years, which is a trend that should continue in the years ahead. The subject property consists of 14 buildings with one-bedroom and two-bedroom floorplans. The property underwent significant renovations in both 2010 and 2013, and has minimal deferred maintenance as a result. Residents enjoy numerous amenities including two large swimming pools, secure access gates, patios with outside storage and onsite laundry facilities.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 9,000 transactions in 2016 with a value of approximately $42.3 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
