Updated Mar 5, 2025
AptVest Sells 228-Unit Multifamily Asset In Irving Texas With Marcus & Millichap Brokerage
3328 Willow Creek Drive
Building Size
127,680 SF
Asset Type
MultiFamily
Closing
Mar 4, 2025
About this deal
AI
The Flats at 183 is a multifamily property located at 3328 Willow Creek Drive in Irving, Texas. This apartment community consists of 228 units and covers a total square footage of 127,680. The property was originally built in 1968 and has undergone significant renovations amounting to $4.1 million since 2021.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: Not specified
- Units: 228
- Square Footage: 127,680
- Address: 3328 Willow Creek Drive
- Market: Irving
- Seller: Kevin Parrish, Brett Zaitoon & Eric Willis - AptVest
- Brokerage: Bard Hoover & Nick Fluellen - Marcus & Millichap
The transaction involved representatives from Marcus & Millichap, Bard Hoover and Nick Fluellen, who facilitated the deal on behalf of the seller, AptVest. The buyer has plans for further improvements to the property following the recent renovations.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93