M&M BROKERS SALE OF TWO FORT WORTH APARTMENT COMPLEXES

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of two multifamily complexes in Fort Worth, the 118-unit Ridgmar Hills and the 117-unit The Steppes. Located adjacent to one another, just north of I-30 near Ridgmar Mall, the properties offer floor plans ranging in size from 402 to 1,420 square feet and each feature laundry facilities, a swimming pool, fitness room, business center and game room. The combined 235 apartments were 94 percent occupied at the time of the sale. Mason Green of Marcus & Millichap marketed the assets on behalf of the seller, Warner Alan Properties. Green also secured the buyer, a Dallas-based partnership, which secured two Fannie Mae loans with 10-year terms through Arbor Commercial for the acquisitions.