A 39-year-old multifamily property in west Arlington has been sold for an undisclosed amount, commercial real estate brokerage Marcus & Millichap announced.
Fielder’s Glen, a 220-unit multifamily property, sits on 10 acres at 3601 S. Fielder Road and was built in 1985.
Al Silva, senior managing director investments, and Ford Braly, senior vice president investments in Marcus & Millichap’s Fort Worth office, handled the listing exclusively for the seller, Western Wealth Capital. The buyer, Rise48 Equity of Scottsdale, Arizona, also was secured by Silva and Braly.
This isn’t the first time Silva has sold the property, he said.
“I sold this property previously to a company out of Canada and the previous owner held onto the property for about 20 years. They were an out-of-state owner as well,” Silva said. “We sold it to this Canadian investment group (Western Wealth Capital). Their idea was to come in and put a bunch of money into the property and improve the asset, and they probably have improved the tenant profile over there, as well.”
Silva said Western Wealth accomplished its first phase of the investment by doing the exterior renovations.
“They got into the next phase, but interest rates increased, market conditions changed,” Silva said. “So instead of completing the interior renovations themselves, they decided to sell the property to the next group and let them take that project on.”
Silva said Rise48 has bought other similar properties in the Dallas-Fort Worth area over the last year.
“They can come in and improve the communities, make them nicer, offer more amenities and just kind of have a nice long-term investment,” Silva said. “That was the reason the buyers bought the property.”
Brandon Brown with Marcus & Millichap Capital Corp. arranged acquisition financing for the property, the firm said.
“The seller had a tight timeframe to market the property and with their best interests in mind, we leveraged our relationships to quickly locate a strong active buyer that saw the value of Fielder’s Glen the same way we did and was willing to put strong terms on the table to win the deal,” Braly said.
The property is close to Veterans Park, Interstate 20 and The Parks Mall at Arlington. Six Flags Over Texas and University of Texas at Arlington are nearby.
Silva said the sale is indicative of Arlington’s attractiveness to investors.
“Arlington is a hot market for investors right now because of the growth related to all the employment drivers,” Silva said.
He cited the city’s easy access to Dallas Fort Worth International Airport and DFW being the fastest-growing metropolitan area in the country.
“Arlington is smack dab in it, which makes it popular for investors,” Silva said.
Among Fielder’s Glen’s amenities are a swimming pool, barbecue and picnic area, laundry facilities and a fitness center. The unit mix is studio, one- and two-bedroom apartments with private patios or balconies, ceiling fans and walk-in closets. Most of the apartments have washer and dryer connections.
Rents at the complex start at $1,040 and go up to about $2,295.
Marcus & Millichap said that since the beginning of 2022, the Fort Worth-based Silva Braly Multifamily Team has successfully marketed and sold more than 35 apartment properties in the Dallas-Fort Worth area totaling more than 6,800 units and $830 million in transaction volume.
California-based Marcus & Millichap Inc. specializes in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. It has offices in Fort Worth and Dallas.
As of Dec. 31, Marcus & Millichap had 1,783 investment sales and financing professionals in more than 80 offices.
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