Marcus & Millichap Dallas Unit Brokers Sale of Three Apartment Communities
Commercial brokerage firm Marcus & Millichap brokered the $58.9 million sale of three multifamily communities in the Dallas-Fort Worth area. The properties are The Meadows, a 120-unit community in Lancaster; Newport Landing, a 185-unit property in the Lake Highlands area of Dallas; and Monterrey, a 106-unit property in Fort Worth. The Silva Braly Team of Marcus & Millichap represented the three different sellers and procured the buyers after competitive marketing processes in all three transactions.
Marcus & Millichap’s Al Silva says market volatility made things challenging, “This caused a slight downtick in buyer activity and a reduced number of aggressive offers. Then we encountered higher-than-expected interest rates and lower-than-expected loan proceeds from the lenders as we navigated the escrow process.”
The projects all afford the buyers future benefits, ranging from value-add propositions, to limited competition in the area, to strong rental upside due to escalating rates.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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