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 Garrett Gardens and Moser Gardens, two multifamily assets totaling 130 units in the Knox-Henderson neighborhood of Dallas, Texas.
Al Silva, Senior Managing Director Investments, and Ford Braly, First Vice President Investments in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the properties on behalf of the seller, a private partnership from out of state that had owned the properties for 33 years. The buyer, an experienced Dallas-based owner/operator with nearby holdings, was also secured by The Silva Braly Multifamily Team. The offering attracted 27 property tours in just 2 weeks of marketing and offers exceeded price guidance and offered non-refundable earnest money from day-one of PSA. This closing proves that despite market headwinds, solid real estate with a good story and a strong marketing platform will always garner heavy buyer activity.
Garrett Gardens (66 units) and Moser Gardens (64 units) are two nearly-adjacent apartment communities, totaling 130 units in the chic East Henderson/Lower Greenville submarket near Highway-75. The properties are surrounded by high-end retail and office and are adjacent to vibrant bars and restaurants, creating an excellent environment for young professionals. The new owner plans to renovate the asset to cater towards the growing young professional tenant base looking for attainable “Live, Work, Play” housing options.
Since the beginning of 2022, the Fort Worth-based Silva Braly Multifamily Team of Marcus & Millichap has completed the successful marketing and sale of over 30 apartment properties in the Dallas-Fort Worth area totaling more than 6,500 units and $790 million in transaction volume.
About Marcus & Millichap, Inc. (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.