ARLINGTON, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Park Ridge Townhomes, a 42-unit apartment property located in Arlington, Texas, according to Bill G. Jordan, regional manager of the firm’s Ft. Worth office.
Boyan Radic, Mason Green and Doug Banerjee, investment specialists in Marcus & Millichap’s Ft. Worth office, had the exclusive listing to market the property on behalf of the seller, Clarus Investment 6 LLC. The buyer, a Dallas-based LLC, was also secured and represented by Radic, Green and Banerjee.
The trio procured five offers in a two week marketing process. The purchaser closed all cash, twenty-five days after contract execution.
Park Ridge Townhomes is located at 1620 South Pecan Street in Arlington, Texas, approximately one mile from UT Arlington. This property is on approximately 2.43 acres and was constructed in 1985.
The unit mix consists of 20 two-bedroom/one-bathroom townhomes and 22 three-bedroom/two-bathroom townhomes ranging from 989 to 1,160 square feet.
Quality of construction consists of concrete slab foundation, wood frame and brick exterior all under pitched, composition shingle roofs. Each unit has its own patio/backyard, full appliance package and washer/dryer connections.
The purchaser plans to extensively renovate the common areas, exterior, and update the interiors as units turn.