Al Silva, Senior Managing Director Investments, and Ford Braly, First Vice President Investments, in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was also secured and represented by Silva and Braly.
“We launched the marketing for this property in mid-April as the COVID-19 lockdown became full force. We weren’t certain how receptive the market would be to a listing, as there wasn’t really anything else for sale at the time. Utilizing our Marcus & Millichap platform, we were able to attract 11 offers despite the fact that we couldn’t even tour the property in person until the final week of marketing,” commented Silva, “We were able to deliver results exceeding our initial pricing expectations amidst the market uncertainty. This was accomplished through our team’s comprehensive and far-reaching marketing process. The buyer was able to complete their 1031 exchange and plans to make significant improvements to the exterior and unit interiors, thereby making Arbor Park a more attractive option for area renters. They assumed the existing Fannie Mae loan that had 10 years left until maturity and, by doing so, they were able to avoid capital markets uncertainty and didn’t have to put up the large reserves now required for new loans”.
Arbor Park is located at 503 Brown Trail in Hurst and is a 78-unit apartment community.