Marcus & Millichap brokered the sale of The Broadstone, a 100-unit multifamily property in Tyler, Texas.
Fin Erwin, investment specialist in Marcus & Millichap’s Austin office, had the exclusive listing to market the property on behalf of the seller, a New Jersey-based family office, and procured the buyer, VaultCap Partners based in Dallas.
The Broadstone, located at 2720 S. Broadway Ave., was built in 1974 and sits on 5.91 acres. The 101,500-square-foot property includes a mix of one-, two- and three-bedroom units. VaultCap Partners acquired the asset at a below-market basis and plans to execute a comprehensive renovation program to increase occupancy, improve collections and enhance overall asset value. A local property management firm has been retained to oversee daily operations and renovations.
