Marcus & Millichap (NYSE: MMI) has announced the sale of The Falls and Oak Village, a two-property, 408-unit apartment asset in Fort Worth.
“With well above-average growth in population, employment and rents projected for years to come, Fort Worth remains one of the nation’s fastest-growing major cities,” said Al Silva, senior managing director investments in Marcus & Millichap’s Fort Worth office. “The Falls and Oak Village combine to form a large, well-maintained asset that will provide the new owner with solid yields from day one and the opportunity to achieve increased revenue in the near term through interior finish upgrades and improved management.”
Silva represented the seller, Florida-based Greenwater Investments and procured the buyer, an out-of-state investment group. The property attracted six offers during a four-week marketing process and closed for above the asking price despite challenges related to the pandemic.
The Falls is a 256-unit property constructed in 1976 and Oak Village has 152 apartments built in 1980. The two communities are adjacent to one another in West Fort Worth, 10 minutes from downtown.
Situated on 22 acres, the 46-building apartment asset has two swimming pools, soccer fields, playgrounds, dog parks, grilling areas, and onsite laundry facilities.
“During the past four years, previous ownership made substantial investments in the properties and in recent months, the community amenities have been a tremendous draw for residents looking to give their families more outdoor activity options,” Silva said. “The new owners will embark on a multi-million-dollar renovation program to make additional improvements to common areas, unit interiors and resident services. This program should ensure continued success for this property while providing area renters with an attractive and safe place to live.”