Marcus & Millichap Completes West Fort Worth Apartment Sale

FORT WORTH, Texas, Jan. 18, 2022 - 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 The Villas at Cantamar, a 265-unit apartment property located in West Fort Worth, 10 minutes from Downtown Fort Worth and the Medical District.

"Strategically positioned near Loop 820 and Interstate 30, The Villas at Cantamar offers easy access to retail, dining, entertainment and employers such as Lockheed Martin, Joint Reserve Naval Air Station and Ridgmar Mall," said Al Silva, senior managing director in Marcus & Millichap's Fort Worth office. "The submarket also has the closest workforce housing to the largest high-end master-planned community in Texas, Walsh Ranch & Veale Ranch, which will have 80,000-plus residents and countless commercial and office developments." Silva and Ford Braly, first vice president investments, represented the seller, a large local private investment group, and procured a local buyer who used proceeds from another Dallas-Fort Worth asset sold through the Silva Multifamily Team of Marcus & Millichap. By strategizing with the Silva Multifamily Team, the buyer was able to achieve their goal of selling the smaller property and purchasing a larger, newer asset with more cash flow.

The Villas at Cantamar is located next door to the LVT Rise community center, which offers recreational and community-driven programs for area residents. Villas at Cantamar's amenities include two swimming pools, laundry facilities, and a playground.

Led by Silva, who is a LVT Rise board member, the team sold over 1,100 units in West Fort Worth in 2021. "We have seen strong momentum in the submarket, with significant rental upside on neighboring properties that are undergoing renovations to improve interior finish outs and resident amenities," added Braly. "This is a great time to be opportunistic in this pocket of town. We have an excellent handle on day-to-day operations and which enhancements property owners can provide that resonate most with area renters."

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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.