March 25, 2020
Marcus & Millichap closed on the sale of Copper Creek, a-274-unit apartment complex in Fort Worth. Financial terms of the sale weren’t disclosed.
The property attracted seven offers during a four-week marketing period, says Marcus & Millichap. The sale closed just 60 days after an agreement was reached between buyer and seller.
“Fort Worth continues to be one of the nation’s fastest-growing rental markets,” said Al Silva, senior managing director investments. “The city’s large and well-diversified employment base, strong population growth and a limited stock of workforce housing available for rent should keep apartment market fundamentals strong for years to come.”
Silva represented the seller, Florida-based DIJ Properties, and procured the buyer, a Texas-based private investment company. The new owners plan to make improvements to both property management and to the unit interior finish. The 34-year-old property underwent significant renovations in 2013 and 2017.
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