Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Lakefront Villas, a 105-unit apartment property located in Richardson, Texas, according to Kyle Palmer, Regional Manager of the firm’s Fort Worth office.

Al Silva, Senior Director and Ford Braly, an associate in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a private Dallas-based investor. The buyer, a local partnership, was also secured by Mr. Silva and Mr. Braly. During a three week marketing process, this property attracted 59 property tours and 24 offers from a large variety of local and out-of-state buyers. After a competitive bidding process the seller decided to choose the Dallas-based investment company, whose 1031 exchange and strong track record assured a smooth closing.

In the past 12 months, the Silva Multifamily team of Marcus & Millichap has brokered the sale of more than 4,000 apartment units in the Dallas/Fort Worth area totaling more than $230 million in sales volume.

Lakefront Villas is located at 900 West Spring Valley Road in Richardson, Texas. Lakefront Villas is a well maintained, 105 unit community that enjoys a great location within Richardson ISD. The property is situated directly on Spring Valley Road, a major thoroughfare that boasts over 45,000 cars per day and a beautiful lake behind the property that offers scenic views for residents. Residents enjoy easy access to Central Expressway and excellent retail and employment drivers, including the famed "Telecom Corridor" less than 5 minutes away.

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.