It's a love/hate relationship for old friends and CRE multifamily competitors: Transwestern's Philip Wiegand and Marcus & Millichap?s Michael Ware and Will Jarnigan. We snapped the fellas last month at our Multifamily Summit. And we know Will's name, even without a nametag. His team just sold a five-property, 1,007-unit, 40%-occupied REO portfolio in North Arlington and Dallas.Samuel Herskovits was also involved in the sale for Branch Banking & Trust. The previous Florida-based owner paid big bucks for the apartments at the height of the market in 2007 and 2008 thinking he was going to make a killing because of the proximity to the new Cowboys stadium. Instead, the bank took 'em back. The new buyer plans exterior and interior improvements.
Philip says Transwestern's Dallas multifamily group just put the 304-unit Class-A Mira Vista Ranch in Lewisville up for sale last week. Will says the Dallas Transwestern team also closed on a 102-unit property in Fort Worth last week. The property sold to an all-cash buyer in 20 days. Philip and Will have been friends since they were in the sixth grade at First Baptist Academy in Downtown Dallas. The duo also attended Baylor University and graduated in ?04.