Press Releases
Marcus & Millichap Brokers 248-Unit Affordable Housing Asset Sale in Dallas-Fort Worth
October 04, 2024
ARLINGTON, Texas, Oct. 4, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Rush Creek, a 248-unit affordable housing asset in Arlington, Texas.
“We were extremely fortunate to have clients on both sides of the transaction that were able to navigate multiple moving targets, including a loan assumption and approval from the Texas Department of Housing and Community Affairs,” said Wes Racht, first vice president investments in Marcus & Millichap’s Dallas office. Racht and Nick Fluellen, Bard Hoover, and Sam Pettigrew of Marcus & Millichap brokered the transaction on behalf of the seller, and procured the buyer, Brazos Residential. “We’re excited to acquire this affordable property and are committed to improving our tenants’ lives while maintaining its affordable status and creating a thriving community,” said Will Hancock, managing partner and co-founder of Brazos Residential.
The property is in South Arlington, near Interstate 20, The Parks Mall at Arlington, Arlington Highlands, and the University of Texas at Arlington. The Polycrest shopping mall is within walking distance and the USMD Hospital at Arlington is within a short drive.
Built in 2004 on 16 acres, Rush Creek is a controlled-access community with a swimming pool, after school children’s classroom, business center and sports court. Apartments have nine-foot ceilings, large patios or balconies, and exterior storage units.
“We were extremely fortunate to have clients on both sides of the transaction that were able to navigate multiple moving targets, including a loan assumption and approval from the Texas Department of Housing and Community Affairs,” said Wes Racht, first vice president investments in Marcus & Millichap’s Dallas office. Racht and Nick Fluellen, Bard Hoover, and Sam Pettigrew of Marcus & Millichap brokered the transaction on behalf of the seller, and procured the buyer, Brazos Residential. “We’re excited to acquire this affordable property and are committed to improving our tenants’ lives while maintaining its affordable status and creating a thriving community,” said Will Hancock, managing partner and co-founder of Brazos Residential.
The property is in South Arlington, near Interstate 20, The Parks Mall at Arlington, Arlington Highlands, and the University of Texas at Arlington. The Polycrest shopping mall is within walking distance and the USMD Hospital at Arlington is within a short drive.
Built in 2004 on 16 acres, Rush Creek is a controlled-access community with a swimming pool, after school children’s classroom, business center and sports court. Apartments have nine-foot ceilings, large patios or balconies, and exterior storage units.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
