Marcus & Millichap Sells Dallas Community
- Mar 10, 2017
Dallas—Marcus & Millichap announced the sale of Brook Hollow, a 160-unit apartment community in Dallas. Al Silva, SVP of investment in Marcus & Millichap’s Fort Worth office, sold the asset on behalf of the seller, a Canadian investment fund.
Brook Hollow is located at 1431 David Ave., near the intersection of North Hampton and Wintergreen Road in DeSotto, Texas–a mature suburb of Dallas. DeSotto’s robust rental market makes it an attractive place for renters and multifamily investors.
The two-story building features one-, two- and three-bedroom units averaging from 675 to 1,188 square feet. Community amenities include two laundry facilities, individual air conditioning, private balcony/patio, an open space with playgrounds and a large floorplan averaging 950 square feet. The property boasts an occupancy rate of 97.5 percent as of January 2017, according to Yardi Matrix.
The new owner plans a multi-million-dollar investment in improvements to the building exteriors, common area, amenities and unit interiors.
Image courtesy of Yardi Matrix