Marcus & Millichap Capital Corporation (MMCC) has arranged $23 million in agency financing for the acquisition of a 310-unit multifamily property in Dallas. The MMCC Capital markets team was led by Ralph Rader. The buyer was a partnership led by Granite Towers Equity Group (GTEG). The financing provided a fixed rate of 1.86% over the 10-year Treasury, five years of interest-only, followed by a 30-year amortization and a 10-year term.
Located near Bachman Lake, the seller implemented an extensive interior and exterior capital improvement plan for Maravilla in 2018 that totaled over $3.3 million. At the time of the sale, the property was 99% occupied. The 29-building community offers onsite amenities such as a clubhouse, enclosed soccer field, picnic and grill areas, pet park, multiple swimming pools, playground and laundry.
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.