WEATHERFORD, Texas, Dec. 5, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of Residences at Holly Oaks, a 128-unit multifamily asset in Weatherford, Texas.
“Residences at Holly Oaks is a well-maintained apartment complex that provides new ownership with an outstanding value-add opportunity in a strongly performing submarket,” says Will Balthrope, IPA executive director.
Balthrope, Drew Kile, IPA senior director, and Joey Tumminello, IPA associate, along with Nick Fluellen, Marcus & Millichap senior managing director, and Bard Hoover, Marcus & Millichap first vice president investments represented the seller, SPI Advisory, and procured the buyer.
“The property is located within the West Fort Worth/Parker County multifamily marketplace which, as of the second quarter of 2017, had annual rent growth of 7.4 percent,” adds Kile. “This, in addition to being a great value-add opportunity, was what attracted the buyer.”
The apartment complex is located near Interstate 20 just west of Fort Worth, a 20-minute drive from Lockheed Martin Aeronautics Co. and the Naval Air Station Fort Worth Joint Reserve Base.
“The market continues to see opportunity on the west side of Fort Worth with recent developments such as the Chisolm Trail Tollway and Walsh Ranch,” comments Tumminello. “Weatherford is a market that offers strong fundamentals with limited supply.”
Downtown Fort Worth, the Fort Worth Cultural District, Sundance Square and the Near Southside Medical District, which combined encompass more than 121,000 high-income jobs, are within 30 minutes of the property.