Newmark Negotiates Sale of Two-Property North Dallas Multifamily Portfolio
Newmark, representing Archway Equities, a private real estate group based in Beverly Hills, negotiated the sale and purchase of Essence and Allure, a two-property, 712-unit multifamily portfolio in Dallas.
The portfolio traded from Archway Equities to Bridge Investment Group, a publicly traded real estate investment and property management firm. Newmark’s Richard Furr, Brian Murphy, Brian O’Boyle, Jr. and Jakob Andersen represented both the seller and the buyer in the transaction. The transaction amount was not disclosed.
“With an outstanding North Dallas location, strong occupancy rates and the potential for value-add upgrades, this portfolio represented an excellent investment opportunity,” said Furr. “Dallas has been the top multifamily market in the country for the past several years, and there continues to be intense competition for multifamily assets.”
The two properties, both located in Dallas, are Essence, a 348-unit, garden-style apartment and Allure, a 364-unit, garden-style apartment community.
Erik Hamilton, who has more than 15 years in CRE journalism, is a former staff writer with the Los Angeles Times and the Orange County Business Journal. In addition to The Times and the OCBJ, he was also a reporter and editor for Crittenden Research, The San Bernardino Sun and UPI. Erik also worked six years in CRE public relations with Los Angeles-based Hoyt Organization, where he was a Senior Account Executive. He later joined Lee & Associates where he served as the Director of Corporate Communications. There ,in addition to his work with Lee’s CEO, he managed 57 offices nationwide and provided PR, social media and media training for the offices. A graduate of UC Irvine, with a BA in history, he is an avid record collector where he continues to search for a rare Joy Division single.
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