Marcus & Millichap (NYSE: MMI), has announced the sale of Villas Del Sol and Wedgewood, two communities that total 104 and 118 units respectively and are located in the same neighborhood just one half mile apart from one another 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 properties on behalf of the seller, a Dallas-based limited liability company. The buyer, a private investor, was also secured by Silva along with Dan Mullen, Associate in Marcus & Millichap’s Fort Worth office and a member of the Silva Multifamily Team. The properties attracted more than 20 property tours from prospective buyers and 13 offers during a 5-week marketing period. Potential buyers bid on the properties either on an individual basis or as a package, but the seller ultimately chose to sell them as a package. The sale closed just 60 days after an agreement was reached, and the new owners plan to implement a change in property management and a capital improvement program that will make the curb appeal and unit interiors more appealing to area renters looking for a safe, affordable place to live. During the past year, the Fort Worth-based Silva Multifamily team has completed the sale of 20 apartment communities in the D/FW area totaling more than 3,600 units and $290 million in sales volume.