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 Fairmount Fourplexes, an 8-unit apartment property located in Fort Worth, Texas, according to Kyle Palmer, Regional Manager of the firm’s Fort Worth office.
John Barker, Senior Vice President Investments and Trey McGhin, Associate in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a locally owned limited liability company. The buyer, a private investor, purchased the property while operating in a 1031 tax deferred exchange. The entire marketing process from listing to close took 65 days. The asset sold at a record price per unit for a C-class multifamily property in the 76104 zip code.
Fairmount Fourplexes is located at 1411 6th Avenue in Fort Worth, Texas. The subject properties are well-maintained assets located just south of downtown Fort Worth, Texas. Nestled within the popular and growing Fairmount District, the property is only minutes from Interstate 30 and Interstate 35W making it easily possible to reach the various areas of the Dallas-Fort Worth Metroplex. The assets are also conveniently located to several means of public transportation and are an easy walking distance to the critically acclaimed restaurants of Magnolia Street. The area alternately offers easy walking distance to popular parks, community centers, medical centers and public schools.
The 6th Avenue Fourplex is a short walk from the Fairmount Community Garden and Park, popular restaurants along Magnolia Street, Cook Children’s Medical Center, The Baylor Scott & White All Saints Medical Center, Texas Health Methodist Hospital, Trimble Technical High School and De Zavala Elementary School.
The Alston Avenue Fourplex is a short walk from the Fire Station Park and Recreation Center, Hemphill Dog Park, popular restaurants along Magnolia Street, John Peter Smith Hospital, Cassata High School and De Zavala Elementary School.
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
