FORT WORTH–Marcus & Millichap has sold a westside Fort Worth apartment complex, Ridgmar Square. The terms of the sale were not disclosed.
Al Silva, senior director of Marcus & Millichap's national multi-housing group in Fort Worth, had the exclusive listing to market the property on behalf of the seller, a private investor from Washington State. The buyer, a Texas-based investment group, was also secured by Silva.
“We generated a half-dozen offers during a four-week marketing process and the transaction closed within 75 days of agreement on terms,” says Silva. “The new owner plans to invest more than $3 million in renovations that will substantially improve the product this property offers to the local rental market.”
The 24-building, 332-unit apartment property is located at 2508 Ridgmar Blvd., situated with frontage on Interstate 30, and is 10 minutes west of downtown.
This unique property consists of large one- and two-bedroom floor plans featuring 10 different architectural styles from all over the world. Community amenities include two large pools, a clubhouse with a fitness center and secure access gates.
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