Marcus & Millichap Arranges Sale of Two Texas Communities
- Jul 10, 2017
Marcus & Millichap secured the sale of two multifamily properties totaling 1,020 units. The transaction included Meadow Ridge in Fort Worth, Texas and Arborstone in Dallas.
The assets are:
- Meadow Ridge, a 484-unit community, located at 3101 W. Normandale St., minutes away from interstates 820 and 30, local museums, parks, fine dining and shopping venues. Built in 1981 and renovated in 2001, the two-story buildings feature one-, two- and three-bedroom units ranging in size from 535 to 1.280 square feet. Property amenities include a swimming pool, a tennis court and four laundry facilities. According to data provider Yardi Matrix, Meadow Ridge has an average rental rate of $606 as of May.
- Arborstone, a 536-unit residential property, located at 6490 S. Cockrell Hill Road, just minutes from major highways, entertainment, shopping centers and restaurants. The community features 36 two- and three-story buildings offering one- and two-bedroom units averaging 715 square feet. Common area amenities include a fitness center, a business center, a clubhouse, three swimming pools, four laundry facilities, a playground and a basketball court.
Both properties will go through a multi-million-dollar renovation plan in order to make them more attractive to area residents. Marcus & Millichap Senior Vice President of Investments Al Silva closed the sales on behalf of two Texas-based sellers.
Images courtesy of Yardi Matrix