Dallas County Multifamily Asset Changes Hands
CARROLLTON, Texas, Nov. 30, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Fox Creek Apartments, a 172-unit apartment community in Carrollton, Texas.
“The offering attracted investors from all over the country,” says John Barker, first vice president investments in Marcus & Millichap’s Fort Worth office. “Being able to provide guidance to the buyer in all aspects of the loan assumption and supplemental process proved to be invaluable in order to successfully facilitate the transaction.”
Barker and Joshua S. Ross, associate vice president investments in the firm’s Encino office, represented the seller. The buyer, a California-based private investor who has owned investment property in Texas for more than 30 years, was procured by Barker. Tim Speck, first vice president, is Marcus & Millichap’s broker of record in Texas.
Located at 1910 South Josey Lane in Carrollton, Texas, the property is within walking distance of two schools and less than one mile from the Crosby Road Initiative, a 34-acre area that is being redeveloped into an urban-style single-family enclave with a recreation center and parks.
Constructed in 1969 on 6.2 acres, Fox Creek Apartments consists of five two-story buildings under flat roofs. The property’s four floor plans range from 712 square feet to 1,000 square feet. Common area amenities include a swimming pool, an on-site laundry facility, open parking and on-site management and maintenance.