Institutional Property Advisors Brokers Apartment Asset Sale in Fort Worth’s Magnolia Urban Village

Rhea-AI Summary

Marcus & Millichap (NYSE: MMI) announced the sale of Mag & May, a 240-unit apartment property in Fort Worth's Magnolia Urban Village. The property is well-aligned with local demographics, featuring amenities that attract renters. Located near Tarrant County's second-largest employment center, it benefits from high walkability and proximity to medical jobs. The site includes modern amenities like an infinity-edge pool and social lounge. This sale highlights IPA's commitment to providing investment opportunities in Texas, emphasizing the property's growth potential.

Positive

• Sold a valuable 240-unit apartment property, enhancing MMI's portfolio.
• Located in a revitalized area with a strong rental market and demographics.
• High walkability with access to medical jobs and amenities boosts property attractiveness.
• Strong asset growth potential due to strategic location and development plans.

Negative

• None.

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Mag & May, a 240-unit apartment property in the Magnolia Urban Village community of Fort Worth, Texas.

“Mag & May’s high concentration of one-bedroom apartments aligns perfectly with the area’s demographics,” said Drew Kile, IPA senior managing director. “The property’s amenities and features complement its location within the revitalized Magnolia Urban Village and are ideal for attracting a steady stream of renters for years to come.” Kile, IPA’s Michael Ware, Taylor Hill, Joey Tumminello, and Will Balthrope represented the seller, Hudgins Companies, and procured the buyer, an affiliate of Abacus Capital Group. “The asset is located within the Southside Medical District, which has the highest density of medical jobs in the Dallas-Fort Worth region and, with 40,000 positions, is Tarrant County’s second-largest employment center,” added Ware.

The property is highly walkable and located on W Magnolia Avenue, which is lined with high-end restaurants, bars, breweries, coffee shops and boutiques. The expanding JPS Health Network is adjacent to the property. Additionally, the asset is one mile from Downtown Fort Worth and a 15-minute commute to NAS Fort Worth Joint Reserve Base and Lockheed Martin. Built on two acres in 2019, Mag & May’s amenities include an infinity-edge pool with downtown views, an outdoor social lounge, and a spacious interior courtyard.

“The Magnolia Urban Village development, with its revitalized historical buildings and unique arts scene, is the result of a 30-year plan,” added Balthrope. “IPA has one team solely dedicated to providing investors with investment opportunities throughout Texas. This unique property’s value and growth potential was a crucial factor for both our client, and the buyer in this transaction.”

About Institutional Property Advisors (IPA)

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.

About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210421006100/en/

FAQ

What is the recent property sale announced by Marcus & Millichap (MMI)?

Marcus & Millichap (MMI) announced the sale of Mag & May, a 240-unit apartment property in Fort Worth, Texas.

Where is Mag & May located and what are its key features?

Mag & May is located in the Magnolia Urban Village and features an infinity-edge pool, social lounge, and ample amenities catering to local demographics.

How does the location of Mag & May impact its rental potential?

Its proximity to Tarrant County's second-largest employment center and walkability to amenities significantly boosts its rental potential.

Who represented the sale of Mag & May for Marcus & Millichap?

The sale was represented by IPA's Drew Kile, Michael Ware, Taylor Hill, Joey Tumminello, and Will Balthrope.