M&M Arranges Sale of Two Apartment Complexes in Wichita Falls

WICHITA FALLS, TEXAS — Marcus & Millichap has arranged the sale of The Timbers and Heritage House, a 228-unit apartment portfolio located in Wichita Falls. Michael Ware and William Jarnagin of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Ware and Jarnagin also procured the buyer, another private investor. The Timbers is located at 504 Kemp Blvd. and Heritage House is located at 500 Fillmore St. Both properties are just south of Seymour Highway near Midwestern State University and Sheppard Air Force Base. The Timbers was built in 1963 and sits on 2.7 acres. The property consists of one- and two-bedroom units. Heritage House was built in 1972 and sits on four acres. The property consists of efficiency, one- and two-bedroom units. The properties had a combined occupancy rate of 92 percent at the time of sale.