LANCASTER, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Meadows, a 120-unit multifamily property located in Lancaster, Texas, according to Bill G. Jordan, regional manager of the firm’s Ft. Worth office.
Al Silva, Vice President Investments in Marcus & Millichap’s Ft. Worth office, had the exclusive listing to market the property on behalf of the seller, CJ Meadows Properties LLC, a local partnership. The buyer, an out of state partnership, was also secured by Silva. Marcus & Millichap Capital Corporation placed a new seven year Fannie Mae acquisition loan on the property for the buyer. Since 2012, Silva has sold over 2,800 units in /Fort Worth totaling over $90 million.
The Meadows is located at 1500 Blue Grove in Lancaster, Texas along Pleasant Run Road and just east of Interstate-35, about 10 minutes south of downtown Dallas.
The Meadows was built in 1981 and was 95 percent occupied as of closing. The new owner has plans to make minor improvements to the property and continue to operate it as a top rental performer in the area.