FORT WORTH, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, and Tax Credit Group of Marcus & Millichap, the leading LIHTC brokerage firm in the country, have announced the sale of McKinney Park, a 250 unit multifamily property located in Denton, 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, in conjunction with the Tax Credit Group of Marcus & Millichap based out of Seattle, WA, had the exclusive listing to market the property on behalf of the seller, a national owner based out of Washington. The buyer, a local partnership, was secured by Silva.  The property attracted multiple offers during its time on the market.  The new owner plans to make major improvements to the property in order to make the property more competitive in its rental market.
McKinney Park was constructed in 1999 and is located near Loop 288, just west of Interstate-35 East.  The property was about 90 percent occupied at the time of closing.