GRAND PRAIRIE, TX - Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Windridge Apartments, a 720-unit apartment complex in Grand Prairie, Texas. The terms of the sale were not released.
William Jarnagin and Michael Ware, both senior associates in Marcus & Millichap’s Dallas office, represented the buyer, Milwaukee-based MLG Capital. SIMC Management of Dallas will manage the asset. Jarnagin and Ware also represented the seller, an out-of-state property owner.
“Dallas/Fort Worth has been a hotbed of economic activity this year, creating favorable conditions in the apartment market for both buyers and sellers,” says Ware. “Despite some recent volatility, interest rates remain attractive and apartment vacancy in the Metroplex is near a five-year low.”
Built in 1987 on approximately 40 acres, the property is located at 2301 East Avenue H in Grand Prairie just off Interstate 30 and State Highway 161, with easy access to Highway 360. The Ballpark in Arlington, Cowboys Stadium and Six Flags Hurricane Harbor are all within a short drive.
Windridge Apartments feature large patios or balconies, hardwood-style flooring, custom blinds and galley kitchens. Select units have additional amenities such as full-size washers and dryers, built-in bookcases, vaulted ceilings and linen and coat closets. Shared amenities include three swimming pools with waterfall features, two spas, six clothes care centers, controlled access gates, an executive business center, a cyber café with Wi-Fi, 24-hour emergency maintenance service, tennis courts, a basketball court, a police sub-station and lighted mailboxes.
Source: Marcus & Millichap / #Apartments #Multifamily