Marcus & Millichap (NYSE: MMI) negotiated a deal to sale an Arlington multifamily property, the international real estate investment firm announced on April 4.
A large Texas-based investment group has bought Garden Park Apartments, the 252-unit apartment property located at the intersection of East Park Row Drive and Sherry St. in Arlington.
The buyer's portfolio has about 17,000 units, nation-wide.
Marcus & Millichap’s Fort Worth office brokered the deal on behalf of the seller, a local private investor. Al Silva, senior managing director of investments and senior associate Ford Braly and their team provided 17 property tours and fielded multiple offers from a diverse group of qualified buyers during a 3-week marketing campaign, according to a press release.
The team has sold 36 apartment complexes in the Dallas-Fort Worth metroplex within a year. The latest sale brings their total to the $450 million range for the past 12 months.
The property was originally built in 1968 but received extensive renovations a couple of years ago.
Marcus & Millichap’s Dallas office had previously brokered a deal to sale Garden Park Apartments to its last owner in 2017.
The apartment complex is located nearby the Cowboys Stadium, the new Texas Live development, a $1.5 billion GM plant expansion and also the DFW Airport.
In a statement, Marcus & Millichap said: "All of these exciting new developments are located within three miles of Garden Park. These significant changes are creating substantial job growth, wage growth and rent growth which makes Arlington one of the best submarkets to invest in D/FW."