Marcus & Millichap Closes Dallas-Area Multifamily Sale
- Aug 20, 2020
Marcus & Millichap has arranged the sale of The Colony, a 179-unit community in Irving, Texas. Senior Managing Director Al Silva and First Vice President of Investments Ford Braly represented the seller, Capital Vision Management, and procured the buyer, a private investment group. The new owner secured an agency loan at an 80 percent loan-to-value ratio with a 3.21 percent fixed interest rate.
The property last changed hands in 2013, according to Yardi Matrix. Capital Vision funded that acquisition with $6.3 million from Fannie Mae.
Built in five phases between 1963 and 1968, The Colony has one-, two- and three-bedroom units. Common-area amenities include three swimming pools, laundry facilities and a dog park. The new owner plans to invest in upgrades to the community’s exterior, amenities and unit interiors.
Located on 9 acres at 3321 Coker St., the 22-building asset is next to the 91,500-square-foot Irving Arts Center. The property is 1 mile north of U.S. Route 183 and 5 miles east of DFW International Airport.
In February, Silva brokered the sale of two communities in Fort Worth, Texas. Wells Fargo provided $15.1 million in Fannie Mae financing for the 222-unit portfolio deal, according to Yardi Matrix.