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229-Unit Enchanted Hills Sells to Investment Group
The 229-unit Enchanted Hills, a Class B, affordable apartment complex near Dallas’ White Rock Lake, sold to a local investment group for an undisclosed sales price. The seller, Dallas-based Enchanted Hills LP, consisted of a partnership including 2M Management Inc., LaSalle Equity Group Inc. and RMH Holdings Inc. The seller had owned the property for 22 years.
Al Silva, Ford Braly and Brenna Skinner with Marcus & Millichap marketed the 23-building asset at 7963 Villa Cliff Dr. During the three-week marketing period, the complex attracted 34 property tours and 17 offers from local and out-of-state investment groups.
Enchanted Hills delivered in the mid-1960s, and is situated on 11.7 acres, offering a mix of one, two and three-bedroom units. The property sold with a Land-Use Restrictive Agreement (LURA) attached.
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