DUNCANVILLE, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Wexford Townhomes, (top right photo) a 122-unit multi-family community in Duncanville, to satisfy a 1031 exchange. Al Silva, a senior associate in the Fort Worth office of Marcus & Millichap, and Kelley Sparkman, (middle left photo) an investment specialist in the firm’s Dallas office, retained the exclusive listing to market the property on behalf of the seller, a Florida-based private investment group.
The buyer was an out-of-state private investor.
“The buyer’s experience operating out-of-state multi-family properties was a significant factor in his successful assumption of the interest-only loan at 6.18 percent, which resulted in a cash-on-cash return that was considerably higher than average return for such a high-quality asset,” says Silva.
“Many owners have capitalized on the appreciation of their holdings and moved into other markets across the country to leverage their returns and fulfill the requirements of the 1031 exchange,” adds Sparkman.
“We were able to do this by using Marcus & Millichap’s unique national marketing platform and its ability to access a nationwide pool of investment capital.
"This transaction illustrates that capital is still flowing into the 1031 exchange market despite continued tightening of the credit markets.”
Located at 600 Wembley Circle, Wexford Townhomes is in excellent condition and one of the most attractive rental properties in the area. Occupancy is at approximately 95 percent and maintained that level throughout the sale process
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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