Commercial real estate brokerage Marcus & Millichap announced that a 39-year-old apartment complex in west Arlington has been sold for an undisclosed amount.
Fielder’s Glen is a 220-unit apartment complex built in 1985 on 10 acres at 3601 S. Fielder Road.
Al Silva, senior managing director of investments, and Ford Braley, senior vice president of investments, of Marcus & Millichap’s Fort Worth office, handled the listing exclusively for the seller, Western Wealth Capital. Rise 48 Equity of Scottsdale, Ariz., also secured a buyer through Mr. Silva and Mr. Braley.
This is not the first time Silva has sold real estate.
“I previously sold this property to a company outside of Canada, and the previous owners held this property for about 20 years. They were also out-of-province owners,” Silva said. “We sold it to a Canadian investment group (Western Wealth Capital). Their idea was to put a lot of money into this property to improve the property and maybe improve the reputation of the tenants there. would have improved.”
Silva said Western Wealth accomplished the first phase of its investment by carrying out exterior renovations.
“They entered the next phase, but interest rates went up and market conditions changed,” Silva said. “So instead of completing the interior renovations themselves, they decided to sell the property to the next group to take over the project.”
Silva said Rise48 purchased other similar properties in the Dallas-Fort Worth area last year.
“They can improve the community, make it better, provide more amenities and be a great long-term investment,” Silva said. “That’s why the buyer bought the property.”
Brandon Brown of Marcus & Millichap Capital Corp. arranged financing for the property, the company said.
“Sellers have limited time to bring their properties to market, and with their best interests in mind, we leverage our relationships to increase the value of Fielders Glen as much as we do. We quickly found a strong, aggressive buyer who understood and was willing to offer strong terms. We’re on the table to win the deal,” Braley said.
Nearby are Veterans Park, Interstate 20, and Parks Mall in Arlington. Six Flags Over Texas and the University of Texas at Arlington are nearby.
Silva said the sale demonstrates Arlington’s attractiveness to investors.
“Arlington is a hot market for investors right now because of the growth associated with all the job drivers,” Silva said.
He cited easy access to Dallas-Fort Worth International Airport and DFW being the fastest growing metropolitan area in the country.
“Arlington is really committed to that, and that’s what makes it popular with investors,” Silva said.
Fielders Glen’s amenities include a swimming pool, barbecue and picnic areas, laundry facilities, and a fitness center. Unit configurations include studios, one- and two-bedroom apartments with private patios or balconies, ceiling fans, and walk-in closets. Most apartments have a washer and dryer attached.
Rent in this complex starts at $1,040 and goes up to about $2,295.
Since the beginning of 2022, Fort Worth-based Silva Braley Multifamily Team has successfully marketed and sold more than 35 apartment properties in the Dallas-Fort Worth area, totaling more than 6,800 units, according to Marcus & Millichap. The trading volume reached more than $830 million.
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. We have offices in Fort Worth and Dallas.
As of December 31, Marcus & Millichap had 1,783 investment sales and financing professionals in more than 80 offices.
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