Wellington Realty Announces Sale of Sam Maverick Apartments
Wellington Realty, a commercial real estate services company with brokerage and management capabilities serving the four major markets in Texas, announced the successful sale of Sam Maverick Apartments, located at 711 Grand Court, Arlington, TX.
The apartment complex sold in May 2020, and Wellington Realty’s Managing Partner, David Shaffer, and Investment Sale Associates, Caleb Jones, and Will Miller, who are all based in the company’s Dallas office, worked on the transaction. “Despite the unexpected market conditions stemming from COVID-19, we facilitated this transaction to the closing table with outstanding terms for our client,” said Caleb Jones
The new owner purchased an attractive, well-located, value-add multifamily complex at 90% occupancy. “Although several obstacles occurred during the marketing and escrow process, we leaned on our experience and anticipated the problems and ultimately closed the transaction,” said David Shaffer.
Built in 1982, Sam Maverick Apartments is located on the corner of Park Row and Cooper Street in Arlington. This dense intersection of Arlington is supported by many retailers and employment making it a great investment, short or long term, for the purchaser. Also, rent growth and occupancy in Arlington has been strong over the past couple of years, indicating continued growth and demand in the area,” said Will Miller.