The Multifamily Group (TMG), a Dallas-based commercial real estate brokerage firm, announced this week that it had facilitated the sale of Villa Sierra & Wyndchase Apartments in El Paso. Chris Siemasko represented the seller, and Bryce Smith, along with Jon Krebbs, procured the buyer.
The two-property portfolio was transacted off-market, with Villa Sierra located at 2435 McKinley Ave and Wyndchase located at 1601 McRae Blvd.
Bryce Smith commented, “Our marketing procured a 1031 buyer who closed in 65 days. It was a pleasure working with a repeat buyer of ours out of California. Overall, it was a smooth transaction, and the buyer was very pleased with the projected returns and the overall direction the El Paso market is heading.”
Built in 1968 and 1970, the portfolio was the sole remaining multifamily asset owned by a national institutional operator. The portfolio had excellent economic occupancy through 2020, with average delinquency under 1 percent.
Chris Siemasko added, “After two large national firms failed to meet seller expectations, the institutional owner went an unconventional route and trusted our boutique expertise with the asset class we live and breathe. This was a huge victory for everyone involved, and we’re honored to have met expectations and delivered where we were trusted to.”
