FORT WORTH, TEXAS — Marcus & Millichap (NYSE: MMI) has negotiated the sale of Cobble Hills, a 136-unit community located at 6050 Oakland Hills Drive in Fort Worth. The property consists of 12 buildings that house a mix of one-, two- and three-bedroom apartment units.
Al Silva and Ford Braly of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, Obsidian Capital, and procured the buyer, an out-of-state family office.
Additionally, Marcus & Millichap Capital Corp. (MMCC), a subsidiary of Marcus & Millichap, secured $7.5 million in acquisition financing for the deal. Danny Abergel of MMCC’s Los Angeles office arranged the loan, which carries a 7-year term with two years of interest-only followed by 30-years amortization and a loan-to-value of 60 percent.