FORT WORTH-As planned, a Gilroy, CA investor has closed on a second multifamily property, spending slightly more than $1.9 million for another 116 units. The back-to-back transactions fully satisfy a 1031 Exchange of a multifamily asset in Sacramento.

Unlike last week’s acquisition, this week’s buy has upside in the 15% vacancy at the Sierra Trails at 2800 Las Vegas Trail in West Fort Worth, John Barker with Marcus & Millichap in Dallas tells Once again, Majestic Realty of Dallas has been hired to oversee the asset. For previous story, click here.

The buyer assumed a loan pushing $1.7 million with GMAC Mortgage Corp. of Horsham, PA and applied the balance of his gain from the California sale to close the deal, says Barker who along with Marcus & Millichap’s Chris Deuillet closed the sale for the buyer. Another $150,000 has been ticketed for upgrades to the 64 one-bedroom apartments, 48 two-bedroom units and four townhouses. The units of 770 sf, 1,100 sf and 1,200 sf rent for $456, $574 and $627 per month, respectively.

The seller is a limited partnership, led by Robert Spencer of Provo, UT, who acquired the class C holding in April 2003. Tarrant County has the 5.3-acre asset assessed at $2 million.

The seller’s broker, Ken McGovern of Equitable Income Properties Inc. of Fort Worth brought the listing to Deuillet, one of a select group who got to see the offering before it went to market, the brokers say. Deuillet says he immediately put the deal before his colleague, setting up a play that took 70 days to close due to the loan assumption.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.