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Tuesday, January 26, 2021

Real Deals:WHEELHOUSE PHASE II BEGINS CONSTRUCTION

M2G Ventures plans to expand its project that houses urban office spaces at The Foundry District, launching the second phase of Wheelhouse with construction starting in August. The development, located at Weisenberger and Carroll Streets just north of booming West Seventh Street, will expand on the first phase of Wheelhouse, which is now at full capacity, creating a total of 14,200 square feet of creative office space in the area.

Phase II will add 8,900 square feet of industrial creative workspaces, a great room and open entries to the Inspiration Alley. Phase II is expected to open in February.

MEADOW RIDGE COMPLEX

IN FORT WORTH SOLD

Marcus & Millichap has sold Meadow Ridge, a 484-unit apartment property located in Fort Worth, and Arborstone, a 536-unit apartment property located in Dallas, according to Kyle Palmer, regional manager of the firm’s Fort Worth office.

Al Silva, senior vice president of investments in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market both properties on behalf of two separate Texas-based sellers. Meadow Ridge had attracted 12 offers during a four-week marketing period. The property sold to a Lubbock-based private investment company. Arborstone sold to an experienced out-of-state investment group after attracting 11 offers during a three-week marketing period. Ford Braly and Mark McCoy with the Silva Multifamily Team also assisted with the sales.

Meadow Ridge was built in 1981 and is located at 3001 West Normandale Street in Fort Worth. Arborstone was built in 1985 and is located at 6500 South Cockrell Hill Road in Dallas. Both complexes will undergo multi-million dollar renovations to make them more attractive to area residents and more competitive in the local rental market.

During the past 12 months, the Silva Multifamily Team has completed the sale of more than 5,000 multifamily units in the Dallas-Fort Worth area for a total of nearly $320 million.

Send real deals to Robert Francis at rfrancis@bizpress.net

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