312-Unit Asset Sells to San Diego Investor

A California multifamily investor acquired the 312-unit Mountain Valley Apartments in southwest Dallas. The off-market deal represents the seller’s last property in the Dallas-Fort Worth area. Sam Pettigrew with National Apartment Advisors represented the buyer, NVTX1 Apartments LLC (NextVenture) of San Diego in its direct deal with local seller Mountain Valley 2002 LP, traced to the Eureka Holdings Inc. in Dallas.

The sales price was undisclosed, with the Dallas Central Appraisal District assessing the Class B asset at $12.7 million.

The 34-building complex is situated on 17.3 acres at 5875 Mountain Valley Lane at the edge of Dallas’ North Oak Cliff neighborhood. The seller owned the asset for 15 years, and was in the process of raising rents following a major internal and external renovation.

The transaction was completed with a Fannie Mae loan. Anthony Tarter at PGIM Real Estate Financing arranged for the loan.

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