Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of The Colony, a 179-unit multifamily asset in Irving, Texas.
“Under the same management for more than 22 years, The Colony has a first-class location in the center of the Metroplex,” said Al Silva, senior managing director investments in Marcus & Millichap’s Fort Worth office. “The new owner can receive favorable yields from day one and achieve enormous upside by bringing the property up to modern physical and operational standards.” Silva represented the seller, Florida-based Capital Vision Management and procured the buyer, a Dallas-based private investment group. Ford Braly, first vice president investments and member of the Silva multifamily team of Marcus & Millichap, assisted with the transaction.
“The property was originally brought to market in January 2020 prior to the COVID-19 outbreak and associated lockdowns,” continued Silva. “We attracted 11 offers, and the purchase contract was under negotiation when capital and investment markets were upended by the pandemic.” Despite the first buyers backing away from the sale in mid-March, the Silva team secured a commitment to move forward from one of the other prospective buyers, who closed at the end of July for the same sales price as was negotiated prior to the pandemic. “The buyers secured an agency loan at 80 percent loan-to-value with a 3.21 percent interest rate, and will make substantial renovations to the building exteriors, common areas and unit interiors in order to modernize the curb appeal and finish-out at the property,” Silva added.
The Colony is in North Irving along N. MacArthur Boulevard, a major thoroughfare that runs throughout Irving and connects the city to Las Colinas, an upscale master-planned community. TJ Lee Elementary School, Travis Middle School, MacArthur High School, and retail and employment centers are located close to the property. Dallas-Fort Worth International Airport is 15 minutes away. Constructed in five phases between 1963 and 1968, The Colony consists of 22 buildings. Community amenities include three large swimming pools, covered parking, onsite laundry centers and a dog park.