Texas sale: Vistas at Lake Worth

Brokerage cites growing multifamily demand

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Marcus & Millichap arranged the sale of the 265-unit Vistas at Lake Worth apartments in Fort Worth, Texas.   Neither the identities of the seller/buyer nor the value of the transaction was disclosed. Located at 6303 Shady Oaks Manor, the 15.9-acre property features a mix of one-, two- and three-bedroom units. Built in 1965, the asset received extensive renovations in 1997. Amenities include two swimming pools, a children's playground, fitness center and game room. "Multifamily fundamentals have started to improve throughout the Dallas/Ft. Worth metro area," said Jeff Dowdle, a senior associate at Marcus & Millichap's Dallas office. "Vistas at Lake Worth is currently 97 percent occupied and should remain well occupied over the long term as demand shows no signs of abating." Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage operating nationwide. ...