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 a three-property, 782-unit multifamily portfolio located in Arlington, Grand Prairie, and Dallas, Texas.
“While each transaction was a loan assumption that didn’t require new debt, matching the right buyer to each property was a challenge given the portfolio’s location across several different markets and the variety of components, including affordable housing,” said Wesley Racht, first vice president investments in Marcus & Millichap’s Dallas office. Racht, along with teammates Nick Fluellen and Bard Hoover brokered the transaction on behalf of the seller, NeuRock Capital, and procured the buyers. “Eli Neuberg of NeuRock Capital, in working with us on the sale of this portfolio, played an important role by being a liaison with the lender and assisting the buyers with the loan assumption process,” added Hoover.
The properties are Mercer Park, Timber Oaks and Plum Meadow. Mercer Park is a 248-unit property with a land use restrictive agreement, built in 1984 in Arlington, four miles from the University of Texas. Timber Oaks is a 264-unit affordable housing asset constructed in 2003 in Grand Prairie near Texas State Highway 360. Plum Meadow, located in the Redbird neighborhood of Dallas, is a 270-unit market-rate asset built in 1984.
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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.