Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Basswood Manor, a 212-unit multifamily property in Lewisville, Texas.
“Built in 1970, Basswood Manor is an attractive value-add property that will provide our buyer with immediate yields, as well as exponential room for further developing and improving the property,” said Al Silva, senior managing director investments in Marcus & Millichap’s Fort Worth office. “Located in the Dallas-Fort Worth MSA, one of the nation’s most dynamic markets, Basswood Manor is ideally positioned to capitalize on the vast growth facets that are prevalent in the region.” Silva represented the seller, a California-based private investment company and procured the buyer, a Dallas-based investment group.
“The property attracted 22 offers during a four-week marketing process and closed about 75 days after an agreement was reached between buyer and seller,” commented Ford Braly, first vice president investments on the Silva Multifamily Team. “The new owners plan to make significant physical and operational improvements to the community, which will result in a higher quality living environment for residents.”
A mere 25 miles outside Dallas, Basswood Manor sits on a 15-acre lot and hosts 14 buildings on the property. Located across the street from Lakeland Elementary School and near two high schools, this apartment complex is convenient for families. The property offers a variety of large, family friendly one-, two- and three-bedroom floorplans.