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DFW Buyer Closes on 152-Unit Ashton Apartments
Dallas-based M Group Capital acquired Ashton Apartments, a 152-unit vintage multifamily asset in Saginaw, TX, just 60 days after it went under contract. Marcus & Millichap’s Silva Braly Multifamily team represented the private California seller, listed as Ashton Apartments LLC, in the transaction.
The sales price of the property at 618 N. Saginaw Blvd. was undisclosed. Al Silva, one of the brokers on the transaction, told ApartmentBuildings.com that the property traded close to the guidance price. “This property sold because the loan was maturing,” added Silva, who is Marcus & Millichap’s managing director, investments.
Marcus & Millichap’s Ford Braly (first vice president) and Dylan York (associate) were also involved in the transaction.
Silva said that the sales process generated 30 tours and 20 offers. M Group Capital won rights to the asset “due to their experience and strong offer terms, including non-refundable money, day one,” Silva said. “The buyer proceeded to do everything they said they would do, including acquiring an agency loan in 60 days from the PSA (purchase and sales agreement) signing.”
The new owner will make improvements to the property to take advantage of limited competition in Saginaw’s Class B multifamily market, including continuing an interior upgrade program launched by the seller. “Saginaw is 10 minutes north of the thriving Fort Worth Stockyards and 10 minutes south of the Alliance developments,” Silva said. “This location presents a perfect opportunity for suburban living with access to major amenities and employers.”
Potential upside includes potential population growth in the region (which is anticipated to increase by 40% over the next decade). Furthermore, the Silva Braly Multifamily Team said that competitors with similar floor plans are charging higher rents—$400 and above—than Ashton Apartments. Additional renovations to the apartment complex will help drive rental increases.
Situated on eight acres, Aston Apartments is a 15-building community that offers one—and two-bedroom apartments. On-site amenities include a clubhouse, swimming pool, dog park and barbecue grilling stations. The previous owner upgraded the 1984 property, including updating the interiors and leasing office.
“This closing is a great example of the importance of staying relentless in this environment,” Silva observed. “The choppy markets caused some heartburn throughout the marketing process, but our client had a debt maturity issue to solve, and our team worked together to find the right buyer for the project.”
Other Transactions of the Week
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Sale Cloth Factory Apartments Sell for $16 Million
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Foreign Investor Makes First Multifamily Buy, Pays $17 Million for The Willow Townhomes
An Asian industrial real estate investor closed on the 39-unit, high-end Willow Townhomes in Ontario, CA. The buyer shook hands with the property’s seller and developer, 221 N. Mountain Ave. Holding LLC, on the $17.4 million transaction. The price-per-unit was the highest recorded in the city of Ontario. CBRE’s Eric Chen, Blake Torgerson and Kevin...
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Chase Lord
SVN OAK Realty Advisors | Oklahoma
Lenders
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Brad Hayden
Colorado
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Felix Gutnikov
California
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Gary Bechtel
North Carolina
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Arbor Realty Trust
Management
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Essex Property Trust, Inc.
California
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Asset Living
Texas
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AOG Living
Texas
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Apartment Management Consultants, LLC
Utah
