Marcus & Millichap Arranges Sale of Two Apartment Buildings in Garland

GARLAND, TEXAS — Marcus & Millichap has arranged the sale of Colonial Apartments and Town Central, two Class B communities located in Garland. Scott Ogilvie and Trey Caldwell of Marcus & Millichap’s Dallas office marketed the properties on behalf of the seller, a limited liability company. Ogilvie and Caldwell also procured the buyer, a limited liability company. Colonial Apartments is located at 515 Flook St., just south of West Avenue D. Constructed in 1977, the asset consists of a total of 31 units — 25 one-bedroom/one-bath and six two-bedroom/one-bath units. At the time of listing, the occupancy rate for Colonial Apartments was 94 percent. Town Central is located at 104 11th St., just north of West Avenue A. Constructed in 1983, the asset consists of a total of 24 units — 17 one-bedroom/one-bath and seven two-bedroom/one-and-a-half-bath units. At the time of listing, the occupancy rate for Town Central was 83 percent.