Fort Worth Community Changes Hands
- Jul 27, 2017
On behalf of Madera Residential, Marcus & Millichap arranged the sale of Valencia, a 263-unit multifamily property in Fort Worth, Texas. The new owner is set to make additional renovations to the asset.
Located at 7301 Ederville Road, the community sits next to the Tom Landry and a mile from Interstate 820. The 23-building, two- and three-story asset also offers convenient access to public transportation, shopping and dining options, including The Home Depot, Albertsons and Luby’s. Valencia features one- and two-bedroom units, averaging 776 square feet. Rents range from $760 to $1,050, as of June, when the property was 92.8 percent occupied. Community amenities include a business center, two swimming pools, three laundry facilities and 600 parking spaces.
According to Yardi Matrix data, Madera Residential acquired the property in 2014 from a private investor for an estimated $10.9 million.
Al Silva of Marcus & Millichap had the exclusive listing to market the property on behalf of Madera Cos., and also secured the buyer, a Dallas-based investment company. Earlier this month, Silva also closed the sale of The Bristols Apartments, a 94-unit Hurst market rate community.
Image courtesy of Yardi Matrix