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9/19/14
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A Texas-based private investor has purchased The Brentwood, a 292-unit apartment complex located in Fort Worth, TX. The price was not disclosed.
The Brentwood is located at 8300 Brentwood Stair Rd, 10 minutes east of downtown Fort Worth along Eastchase Pkwy and just south of I-30. The property is situated in a healthy commercial area with major shopping centers and national retailers within walking distance. The location is also just minutes from Dallas Cowboys Stadium and the Dallas/Fort Worth International Airport.
Built in 1984, The Brentwood underwent $2 mil in renovations, including both interior and exterior upgrades, between 2011 and 2013. At the time of the sale, the property was in excellent condition and the new owner will continue the unit improvement program.
Al Silva, a senior director of Marcus & Millichap’s National Multi Housing Group in Fort Worth, represented the seller, a Texas LLC. The buyer was also repped by Silva.
“We conducted 25 property tours and received 12 offers from well-qualified investors during a three-week marketing process,” says Silva. “The transaction closed just 45 days after an agreement was reached between buyer and seller. The buyer assumed an existing Fannie Mae loan to complete the transaction.”
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