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 Brook Hollow, a 160-unit apartment property located at 1431 David in DeSoto (Dallas), Texas, according to Kyle Palmer, Regional Manager of the firm’s Fort Worth office.
Al Silva, Senior Vice President Investments in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a Canadian investment fund. The buyer, a private, Dallas-based investment group, was also secured by Mr. Silva. The property was on the market for just one day before an agreement was reached between buyer and seller. The buyer obtained a new bank loan to finance the acquisition.
Brook Hollow was built in 1970 is conveniently located near the intersection of North Hampton and Wintergreen Roads in DeSoto, Texas. DeSoto is a mature suburb of Dallas that is enjoying a robust rental market and is therefore an attractive place for both renters and multifamily investors. The property consists of 20 buildings on 10.75 acres. Amenities include ample open spaces with playgrounds, onsite laundry facilities and large floorplans averaging over 950-square feet.
The new owner plans an immediate multi-million dollar investment into the property in order to make it a more appealing place for area families to live. Improvements will be made to building exteriors, common area amenities and unit interiors, which will allow Brook Hollow to become a more competitive property in the area rental market.
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
