Marcus & Millichap on July 30 announced the sale of Tuscany, a 240-unit apartment property located in Fort Worth, according to Kyle Palmer, vice president/regional manager of the firm’s Fort Worth office.
Al Silva, senior managing Director 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, a Dallas-based private investment company, was also secured by Silva.
The property was marketed for 4 weeks and during that time attracted 29 property tours and 19 offers from local, out-of-state and foreign investment entities. The new owners plan to make substantial improvements to the common areas, property amenities and unit interiors.
Tuscany was built in 1980 and is located at 1401 Morrison Drive in Fort Worth.
Over the past 12 months, Silva and his team in Fort Worth have completed the sale of over 7,100 apartment units in the Dallas/Fort Worth area totaling more than $460 million in transaction volume.