Marcus & Millichap Facilitates Sale of 185-Unit Dallas Asset
- Jun 07, 2019
A Dallas-based 1031 exchange investor has acquired the 185-unit Newport Landing in Dallas. The seller was Republic Funds, while the property is subject to an existing $9.3 million CMBS, Fannie Mae-issued loan taken out last year and set to mature in 2028, according to Yardi Matrix data.
Located at 10850 Walnut Hill Lane in a dense residential area and with access to plenty of retail and dining options, the community is adjacent to BB Owen Park, close to Interstate 635 and 13 miles northeast of downtown Dallas. The community consists of studio, one-, two- and three-bedroom apartments in 35 two-story buildings spread across a 7.6-acre site. Common-area amenities include two pools, a clubhouse and four laundry facilities. Per Yardi Matrix information, the asset was 95.7 percent occupied as of April.
Senior Managing Director Investments Al Silva and Vice President Investments Ford Braly from Marcus & Millichap’s Fort Worth office worked on behalf of the seller. Recently in a similar transaction, the same brokerage team facilitated the sale of the 228-unit Aspen Woods in Arlington, Texas.