Marcus & Millichap Nets $81M for TX Portfolio
- Mar 20, 2017
By Mihaela Coste
Dallas—Marcus & Millichap’s Dallas multifamily investment sales team closed on six communities encompassing 1,164 units. The portfolio traded for $80.5 million. Four of the assets are located within The Metroplex, one is in Commerce and one in Waco. Nick Fluellen, senior managing director of investments and Bard Hoover, first vice president of Marcus & Millichap represented the sellers and procured the buyers.
Located at 5301 Springlake Parkway in Haltom City, Spring Lake is a 380-unit community completed in 1985. The two- and three-story asset features one- and two-bedroom units, a clubhouse, two swimming pools, laundry facilities, grade level parking, private balcony or patio, semi-private entries. The community has an occupancy rate of 98.4 percent
Tradewind is a 306-unit community completed in 1967, which is situated at 2136 Tradewind Drive in Mesquite. According to Yardi Matrix data. The asset features one-, two- and three-bedroom floor plans, a clubhouse, two swimming pools and laundry facilities.
Village at the Crossroads is a 200-unit property located at 1900 Carl Road in Irving.Having a current occupancy of 96 percent, the community was built in 1970 and features one-, two- and three-bedroom floor plans, a clubhouse, basketball court, swimming pool and laundry facilities.
Situated at 1004 Castleglen Drive in Garland, Oaks Branch is a 76-unit community built in 1984, having a current occupancy of 93.6 percent. The one- and two-story property located near Interstate 30 and offers two- and three- bedroom floor plans, grade level and partially covered parking.
Bradford Place isa 128-unit property located at 3301 FM 3218 in Commerce. Chad-Nic purchased the asset from Rhodes Realty and benefited from a loan in the amount of $8.5 million, held by Royal Banks of Missouri. Having a current occupancy of 99.2 percent, the community built in 2005 features one-, two- and three-bedroom floor plans, a fitness center, business center, clubhouse, basketball court, swimming pool, high ceilings, fire sprinkler system and full covered parking. Evan Burke, Sean Scott, and Trey Caldwell, associates of Marcus & Millichap, provided additional representation in the transaction.
The last property sold by the company with Scott and Caldwell’s assistance, is The Village Condominiums, a 74-unit community located at 1300 S. 11th St. in Waco. The asset completed in 1982 features units with an average size of 1,063 square feet and a community swimming pool. Financial details of the transaction remained undisclosed.
“The Metroplex’s diverse and growing economy continues to attract investors, creating increased buyer competition for apartment assets and accelerating deal flow,” said Fluellen in a prepared statement. “Local investors are particularly focused on properties with some value-add component, as was the case with these assets.”
Images courtesy of Yardi Matrix and Marcus & Millichap