New York City-based Freshwater Group was looking for a value-add opportunity in a great location. And that opportunity presented itself in Miramonte Villas located at 5128 Cedar Springs Rd. in Dallas. Freshwater Group recently acquired the multifamily property for an undisclosed purchase price.

The buyer plans to implement a renovation program over time, with the goal of making the asset a long-term hold. Its previous owner, a local real estate investment company, had owned the asset for more than 20 years.

Built in 1970, the asset consists of 51 units situated between two major thoroughfares (Dallas North Tollway and US-75) in a prime location on the border of the Oak Lawn and Medical District submarkets with proximity to Highland Park and Uptown.

Danny McQuaid of Matthews Real Estate brokered the sale.

“We overcame backlogs with the bank appraisal process being delayed due to COVID-19 as well as the severe weather storm that impacted thousands of buildings in Dallas Fort-Worth and throughout Texas,” said McQuaid. “In the end, the seller achieved a great price, and the buyer is purchasing a phenomenal asset with upside that will allow them to implement their value-add program and grow their multifamily presence in Dallas.”