HISTORIC ELECTRIC BUILDING APARTMENTS SOLD BY MARCUS & MILLICHAP
FORT WORTH, Texas, June 24, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of the Historic Electric Building Apartments, a multifamily and retail asset with 106 loft-style units and 10,000 square feet of retail space in Fort Worth.
“The property is a true value-add opportunity in heart of downtown Fort Worth,” says John Barker, a senior director of Marcus & Millichap’s National Multi Housing Group in Fort Worth. “The asset was marketed for just 20 business days, attracted interest nationally, and 18 offers were submitted. The building has a low income tax credit component that will expire in 2026.”
Barker had the exclusive listing to market the property on behalf of the seller, a limited liability company. Barker also procured the buyer, another limited liability company.
Built in 1928 and converted to apartments and retail in 1994, the 109,956-rentable-square-foot property is located at 410 West 7th St. near Fort Worth’s financial district and cultural center. Burnett Park, a two-acre urban park designed by noted landscape architect Peter Walker, is one block away, the Fort Worth Convention Center is quite nearby, and Sundance Square is within one-half mile.
Listed on the National Register of Historic Places, the 18-story Historic Electric Building features terra cotta detailing, decorative friezes, locked intercom entry, three elevators, and a laundry facility. Apartments have central air conditioning, dishwashers and spacious closets. Some units also have downtown views, 10-foot-to-12-foot ceilings, and open floor plans.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com