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Wednesday, April 14, 2021

316-unit apartment in Fort Worth sold

Marcus & Millichap has announced the sale of Havenwood, a 316-unit apartment property built in 1985 and located in Fort Worth, according to Mark McCoy, sales manager of the firm’s Fort Worth office. Al Silva, senior managing director Investments in Marcus & Millichap’s Fort Worth office, exclusively marketed the property on behalf of the seller, a Florida-based investment company who had owned the asset for seven years. The buyer, a Dallas-based private investment company, was also secured by Silva. The sale closed just 60 days after an agreement was reached, and the new owners are planning a multi-million-dollar renovation to improve common area amenities, building exteriors and unit interior finish out. Upon completion, Havenwood will become the premier workforce housing option for renters in this east Fort Worth neighborhood. The amenities package is unrivaled in the area and includes two large swimming pools, a tennis and racquetball court and ample open courtyard space. The community consists of 1-bedroom and 2-bedroom floor plans averaging more than 850 square feet.

This 25-building complex is located at 6500 Melwood Street in Fort Worth. During the past year, the Fort Worth-based Silva Multifamily Team has conducted the sale of 34 apartment complexes in DFW totaling nearly 7,000 units and $500 million in transaction volume.

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