There’s Worth in Fort Worth’s Multifamily Communities

Two multifamily assets in Fort Worth, Texas have found new owners under the guidance of Marcus & Millichap.

Two multifamily assets in Fort Worth, Texas  have found new owners under the brokerage of Marcus & Millichap. The real estate investment services firm announced recently the sale of Ridge Apartments and Shadowood Apartments.

Ridge Apartments - Fort Worth, Texas

Ridge Apartments – Fort Worth, Texas

According to PropertyShark data, the Ridge Apartments community was developed in 1984 and was previously owned by Centaurus GF Ridge LLC. The complex  features 14 buildings and includes amenities such as a swimming pool, a tennis court and a business center. Located at 8925 Randol Mill Road, the apartment community is located only minutes east of downtown Fort Worth and near the AT&T Stadium and the Dallas/Fort Worth International Airport.

Shadowood Apartments was developed in 1964 and is located at 6701 Calmont Ave., five minutes from downtown Fort Worth. The asset’s previous owner was identified by PropertyShark as en entity called DCP Shadowood LLC.

Al Silva, senior director of Marcus & Millichap’s National Multi Housing Group in Fort Worth, marketed the two assets on behalf of their owners and also secured the unnamed buyers.

“During a four-week marketing period, we conducted 15 property tours and closed the sale 75 days after an agreement was reached and the buyer assumed an existing Fannie Mae loan,” said Al Silva in a prepared statement Al Silva. “The new owner plans to make substantial renovations to the Ridge Apartments to make it more appealing to area renters.”

Image courtesy of Marcus & Millichap