Marcus & Millichap (NYSE: MMI) on Monday, April 27 announced the sale of Regency Oaks, a 100-unit apartment property located in Fort Worth, according to Mark R. McCoy, Regional 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, Canada-based Republic Funds. The buyer, a Texas-based limited liability company, was also secured by Silva. The property attracted multiple offers over a four-week marketing period and closed less than 60 days after an agreement was reached between buyer and seller. Despite an unsuccessful marketing effort by a competing firm late last year and complications related to the COVID-19 crisis, the Silva Multifamily Team was able to get this transaction across the finish line. The new owners will invest a significant amount of money into improvements to common areas and unit interiors, thus making Regency Oaks a more attractive option for area renters.
Regency Oaks is located at 2121 Handley Drive in Fort Worth. Situated southeast of the Interstate 30/Loop 820 Interchange, the property is less than 15 minutes from both Downtown Fort Worth and AT&T Stadium, Texas Live!, and the new Texas Rangers Stadium, which are strong employment drivers in the area.