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Market Run Under Way for 1,193-Unit Portfolio

FORT WORTH-Despite slowing sales in the sector, the broker says there's a confidence factor in financing underwriting the sales campaign for seven multifamily properties in the state.

By Connie Gore | Updated on August 01, 2008

[IMGCAP(1)]FORT WORTH-Despite slowed multifamily asset sales, a Littleton, CO-based partnership has brought a 1,193-unit, seven-property portfolio to market for slightly more than $50 million. The confidence factor for the sales is mortared in the financing: three sized just right for Fannie Mae and four with assumable mortgages far below today’s fixed interest rates.

“The opportunities are different for each property, but as a portfolio the value add is in burning off concessions, loss to lease and economic vacancy,” Al Silva, senior associate in Fort Worth for Marcus & Millichap Real Estate Investment Services, tells GlobeSt.com. Teaming with associate Kelley Sparkman in Dallas to sell the package whole or in pieces, Silva says buyers’ interest to date has been geographically oriented, but “I’m not ruling out a portfolio sale because we’ve got plenty of interest at the portfolio sale level.”

The North Texas properties are 220-unit Fielders Glen at 3601 S. Fielder Rd. in Arlington and 224-unit Windtree at 5600 E. Cotswold Hills Dr. and 168-unit Hillside View at 5400 Boca Raton Blvd., both in Fort Worth. In South Texas, the properties are the 124-unit Park Deville at 407 Greens Rd. and 180-unit Palms on Rolling Creek at 17100 Rolling Creek Dr., both in Houston; and 93-unit Central Park Condos at 2210 Westview Blvd. and 184-unit Riverwalk at 291 Scarborough Dr., both in Conroe.

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