Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of three multifamily properties in Dallas-Fort Worth for $58.901 million. The properties are: The Meadows, a 120-unit asset built in 1981 in Lancaster; Newport Landing, a 185-unit asset built in 1971 in the Lake Highlands neighborhood of Dallas; and Monterrey, 106 units constructed in 1969 in Fort Worth.
“All three assets provide the buyers with opportunities to increase revenue,” said Al Silva, senior managing director investments in Marcus & Millichap’s Fort Worth office. “By making select exterior improvements to The Meadows and implementing the unit enhancement package begun by previous ownership, the buyer can greatly increase net-operating income. Located in one of the most sought-after neighborhoods in Dallas, Newport Landing presents the buyer with significant rental and operational upside. Monterrey is a high-occupancy asset with minimal nearby rental competition that is ready to provide the new owner with operational and rental gains.” The Silva Braly Team of Marcus & Millichap represented the three different sellers and procured the buyers after competitive marketing processes in all three transactions.
“Strong employment growth and household formation in the Dallas-Fort Worth area have supported an unprecedented drop in multifamily vacancy that has helped fuel powerful rent growth, making Dallas-Fort Worth a continued focal point for investors of all sizes,” added Ford Braly, a first vice president in the Fort Worth office. “These conditions contributed to the fact that despite a volatile market and interest rates increasing by over 200 basis points during marketing and escrow, none of these three offerings had a price concession from start to finish. In fact, all three traded above initial guidance.”
The Meadows is located close to Interstate 35 and the Interstate 20 Industrial Corridor in a submarket with over 70 million square feet of industrial space. Monterrey is in the rapidly growing Southwest Fort Worth rental market with frontage on Vickery Boulevard, a major thoroughfare that provides access to employment, retail and dining options. Newport Landing is in Lake Highlands near Loop 635, the main Loop of North Dallas, just down the street from Lake Highlands Middle School, which is within the Richardson independent school district. Shopping is close by at the Lake Highlands Town Center.
Since the beginning of last year, the Fort Worth-based Silva Braly Multifamily Team of Marcus & Millichap has completed the successful marketing and sale of 49 apartment properties in the Dallas-Fort Worth area totaling more than 10,000 units and $1.2 billion in transaction volume.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.