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Tuesday, January 26, 2021

Fort Worth apartment building sold

Copper Creek, a 274-unit apartment property in Fort Worth build in 1986 has been sold after one day on the market, according to Kyle Palmer, regional manager at Marcus & Millichap, the real estate investment firm that sold the property. No price was given for the transaction.

Al Silva, senior vice president investments in Marcus & Millichap’s Fort Worth office had the exclusive listing to market the property on behalf of the seller, Lubbock-based Madera Residential. The buyer, an out of state investment company, was secured by Silva and Ford Braly, a senior associate on the Silva Multifamily Team of Marcus & Millichap. The property was on the market for just one day before an agreement was reached between buyer and seller, and the buyer placed new Fannie Mae financing for the acquisition. The buyer plans to make both physical and operational improvements to the property in order to make it a more attractive place to live for local renters.

Copper Creek is located at 6011 Oakland Hills Dr. Many apartment communities in this area of East Fort Worth have experienced substantial redevelopment and improvement in recent years, which is a trend that should continue in the years ahead, according to Marcus & Millichap. The subject property consists of 14 buildings with one-bedroom and two-bedroom floorplans. The property underwent significant renovations in both 2010 and 2013.

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