DFW Community Changes Hands
Marcus & Millichap facilitated the sale of the 288-unit Aspen Woods in Arlington. The new owner intends to execute a capital improvement program on the property.
Aspen Woods. Image courtesy of Marcus & Millichap
MacDonald Realty Group has sold the 228-unit Aspen Woods in Arlington, Texas. According to Yardi Matrix data, the asset is subject to an existing $9.6 million CMBS financing that is set to mature in 2024. The new owner—a Texas-based investment firm—intends to invest in extensive capital improvements at the 1976-built property.
Situated at 2910 S. Collins St., roughly at the center of the Dallas-Fort Worth metro area and with quick access to Interstate 20, Aspen Woods is 19 miles of Fort Worth and 23 miles of downtown Dallas. Located in a dense residential area, the property is less than 4 miles of AT&T Stadium.
The community consists of one-, two- and three-bedroom apartments spread across 16 two-story buildings. Built on a 10.6-acre site, the asset includes common-area amenities such as two pools, a barbecue and picnic area, a stand-alone renting office and a clubhouse. In February, the property was 95.6 percent occupied, per Yardi Matrix.
Senior Managing Director Investments Al Silva from Marcus & Millichap’s Fort Worth office arranged the sale and procured the buyer. Recently, a team from the broker’s Atlanta office facilitated the $42 million sale of the 530-unit Sandpiper Apartments in Warner Robins, Ga.
