Marcus & Millichap Arranges The Sale Of A 100-Unit Apartment Building

GRAND PRAIRIE, TEXAS, October 26, 2021 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Prairie Ridge, a 100-unit apartment property located in Grand Prairie, Texas.

Nick Fluellen, Bard Hoover and Wesley Racht, investment specialists in Marcus & Millichap's Dallas office, brokered an off-market transaction behalf of the seller, a limited liability company. The buyer, Vaultcap Partners with FCP, a limited liability company, was secured by Mr. Fluellen, Mr. Hoover and Mr. Racht.

Prairie Ridge is located at 313 Freetown Road in Grand Prairie, Texas. "The Grand Prairie submarket of DFW has been overlooked for many years but in the past few years, The Fluellen-Hoover Multifamily Group has had great success in the area. Prairie Ridge has been owned by the same owner for over a decade. Multiple times over the last several years we had the property agreed to with several buyers but were never able to go under contract. However, the timing of this transaction could not have been better! Long-term clients, Ryan Heddleston and Mark Christ recently partnered with FCP and purchased Corey Place Apartments. Since Corey Place was adjacent to Prairie Ridge, the opportunity of adding additional units and combining properties was something that could not be passed up. The transaction was the fastest and cleanest transaction I had ever done, with a record of closing within 21 days from contract to close," said Mr. Racht.

# # #

About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.