Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Villa Bonita, a 232-unit apartment property located in Dallas.
“Situated within one of the nation’s fastest-growing markets, the new owner of this large multifamily asset is in position to enjoy yields in excess of 15 percent from day one,”says Al Silva, senior director of Marcus & Millichap’s National Multi Housing Group in Fort Worth. “There is also rental upside to be gained through interior upgrades. Dallas anticipates effective rent growth of more than 6 percent in 2016.”
Silva had the exclusive listing to market the property on behalf of the seller, a private, New Jersey-based investor. He also procured the buyer, a California-based limited liability company. The offering attracted 15 property tours and 10 offers during the marketing period.
The property is located 8411 East La Prada Drive in Dallas just off Interstate 30 and approximately 10 minutes east of downtown. Eastfield College is next door.
Built in 1969, Villa Bonita consists of 20 buildings that are composed of flat roofs with brick veneer, stucco exteriors and wood frames on concrete slab foundations. Residents enjoy the spacious floorplans, large open playgrounds and onsite laundry facilities.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
