Marcus & Millichap Completes Dual Fort Worth Multifamily Sale for $46 Million
October 04, 2022
FORT WORTH, Texas, Oct. 4, 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 Ariva and Tribecca Pointe, two multifamily assets totaling 351 units in Fort Worth, Texas. The properties traded for a combined $46.44 million or $132,307 per unit.
"The fourth-most populous metro in the nation and with an aggregate of nearly 7.5 million residents, Dallas-Fort Worth's population has seen consistent growth in recent years, increasing the value of assets such as Ariva and Tribecca Pointe," said Al Silva, senior managing director investments in Marcus & Millichap's Fort Worth office. "The properties are approximately 20 miles from each other but both benefit from their convenient accessibility to the 35W freeway, which connects throughout the Dallas-Fort Worth area. These sales represented a rare opportunity to acquire well-located and meticulously maintained Class B assets in one of the nation's best rental markets with compelling rental upside." Silva and Ford Braly represented the sellers and procured the buyers for each sale.
"Ariva is located on Woodway Drive, just north of Alta Mesa and west of Hulen Street, both of which are major thoroughfares boasting substantial economic activity," added Braly. "Located near several schools and major hubs such as Harris Hospital, Chisholm Trail Parkway, and Hulen Mall, this location is incredibly well positioned for continued growth for many years to come."
Since the beginning of last year, the Fort Worth-based Silva Braly Multifamily Team of Marcus & Millichap has completed the successful marketing and sale of 49 apartment properties in the Dallas-Fort Worth area totaling more than 10,000 units and $1.2 billion in transaction volume.
# # #
About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.