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| 380-Unit Spring Lake Apartments, 5301 Springlake Parkway situated on nearly 18 acres in Haltom City, TX |
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| Adam Levin |
BAY AREA, CA – Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has directed the acquisition of Spring Lake Apartments, a 380-unit multifamily property at 5301 Springlake Parkway situated on nearly 18 acres in Haltom City, Texas, located just minutes from Downtown Fort Worth.
Executive Managing Director Adam Levin, Senior Managing Director Robert Johnston and Investment Associate Eymon Binesh represented the buyer, a California-based private investor, in the acquisition.
“While Bay Area multifamily remains one of the best investments, diversifying into different regions when it makes sense for the Clients’ long-term wealth management goals is where we thrive,” explains Levin.
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| Robert Johnston |
“In this case, we were able to source an exceptional largescale apartment community for an attractive price in the Dallas/Fort Worth region, which is experiencing strong growth and some of the highest leasing activity in the country.”
Because there is less construction in the pipeline in Fort Worth submarkets compared to other areas of the metro, assets like Spring Lake Apartments are extremely well positioned to benefit from economic expansion, Levin notes.
Johnston adds that the transaction was a rare opportunity for the buyer to expand his portfolio in a desirable market outside of California with minimal deferred maintenance.
The community is ideally situated near several shopping, dining, and entertainment options. North East Mall, which is located four miles east of the property, offers residents more than 1.7 million square feet of retail and is anchored by Nordstrom, Macy’s, Dillard’s, and Dick’s Sporting Goods.
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| Eymon Binesh |
The property is also in close proximity to Tarrant County College, the sixth largest college in Texas in terms of enrollment, as well as Dallas/Fort Worth International Airport, which supports approximately 228,000 full-time employees.
“Spring Lake Apartments is situated near several major employers, up-and-coming residential neighborhoods, and planned commercial developments which are expected to further drive resident demand in the immediate area,” says Johnston.
The apartment community, which offers an attractive mix of one-bedroom/one-bathroom and two-bedroom/two-bathroom units, was built in 1985 and strategically upgraded by the seller in 2017 through interior and exterior renovations.
Contacts:
Alex
Caswell / Elisabeth Manville
Brower Group
(949) 438-6262
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