DALLAS, Dec. 20, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of a two-property, 186-unit, 55-plus multifamily portfolio: Gardens of DeCordova, a 110-unit asset in Granbury, Texas and Gardens of Weatherford, a 76-unit property in Weatherford, Texas.
“These two unique, 55-plus multifamily assets were built as single-family, duplex-style homes with direct access, two-car garages,” says Will Balthrope, executive director. “The properties have historical occupancies of nearly 100 percent and are positioned in prime locations with very little competition.”
Balthrope, Drew Kile, senior director, Joey Tumminello, associate, and Max Helgeson, associate, represented the seller. Nick Fluellen, senior managing director investments and Bard Hoover, first vice president investments, procured the buyer.
Both properties are within a 30-minute drive of downtown Fort Worth and provide access to retail and entertainment including Target, Walmart Supercenter, and movie theaters.
Gardens of DeCordova was built in 2009 and is located a short drive along Highway 377 from Granbury Square near Lake Granbury Medical Center.
Constructed in 2012, Gardens of Weatherford is located on Dicey Road just north of Fort Worth Highway and Interstate 20, less than three miles from Weatherford Regional Medical Center.