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.