Marcus & Millichap (NYSE: MMI) announced July 26 the sale of two multifamily properties in Northeast Tarrant County: Spring Valley, a 150-unit apartment complex in Euless, and 154-unit Oasis Springs in Hurst.
“These two well-located and maintained Class B assets closed with attractive new bridge financing just 60 days after going under contract,” said Al Silva, senior managing director investments in Marcus & Millichap’s Fort Worth office. “Both properties have significant value-add opportunities with solid going-in yield and demonstrable rental upside.”
Silva and Ford Braly, first vice president investments on the Silva Multifamily Team, represented the sellers, two Dallas-based private investors and procured the buyers, two separate Dallas-based investment groups.
“During a four-week marketing campaign, we conducted a combined total of 77 property tours, generated 48 offers and ultimately achieved pricing $3.7 million above guidance,” said Braly. “The offers came from a wide range of local and out-of-state private and institutional investors.”
Owned and operated by the same family since it was built in 1971, Spring Valley is located just south of Highway 183. The property has 12 two-story buildings, a large swimming pool, onsite laundry facilities and a generous amount of open space. Most of the units are two-bedroom or larger, and the average unit size is 920 square feet.
Constructed in 1979, Oasis Springs is adjacent to Vivagene Copeland Park and Bellaire Park and close to Bell Station, a Trinity Railway Express commuter rail station. Community amenities include a basketball court, swimming pool, laundry facilities and a playground. Apartments have high-speed internet, linen closets, new countertops and private patios or balconies.
Year-to-date, the Silva Multifamily team of Marcus & Millichap has successfully marketed and negotiated the sale of 17 multifamily communities in the Dallas/Fort Worth area totaling more than 3,500 units and $380 million in sales volume.