DFW Community Changes Hands
A local partnership sold The Bristols Apartments, a market-rate multifamily property in Hurst, Texas. The new owner plans to renovate the 94-unit community.
By Razvan Cimpean
Marcus & Millichap, on behalf of a local partnership, brokered the sale of The Bristols Apartments, a 94-unit community in Hurst, Texas. The new owners also secured a long-term Fannie Mae loan and are set to make select renovations to the property.
Located at 825 Norwood Drive, the seven-building asset is 1.5 miles from 183 Toll Road, which connects Hurst to Dallas and Fort Worth, Texas. The property also sits next to Harrison Lane Elementary School and within walking distance of multiple shopping and dining options. The community offers studios, one-, two- and three-bedroom units, averaging 925 square feet. According to Yardi Matrix data, rents start at $729 and go up to $1,299, as of June, when the property was 96.8 percent occupied. Community amenities include a playground, laundry facilities and 150 parking spaces.
Al Silva and Ford Braly had the exclusive listing to market the community. Along with Mark McCoy, Silva and Braly also secured the buyer, a local partnership. Silva was also involved, earlier this year, in the sale of Sienna Creek, a 152-unit North Dallas community.
Image courtesy of Yardi Matrix