Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Mountain Valley, a 312-unit apartment property in Dallas, Texas.
“Built in 1969, Mountain Valley and its attractive location offers tenants easy access to flourishing employment centers, accessible transportation via Interstate 30 and Loop 12, and retail and dining options, all under a 15-minute drive to Downtown Dallas,” said Al Silva, senior managing director investments for Marcus & Millichap. “The seller invested over $4 million into the property during their five-year ownership, including converting to individual HVAC units and electric meters in 2021. These renovations provide the opportunity for our buyer to further enhance the property and benefit from strong fundamental growth throughout the nearby submarket.” Silva and Marcus & Millichap’s Ford Braly represented the seller and procured the buyer.
“The Southern Dallas County submarket is home to over 70 million square feet of industrial space and is considered one of the strongest employment centers in the Metroplex,” added Braly. “The buyer, who also owns the property across the street, has a well-formed plan to increase the net-operating income through renovations and creating operating efficiencies between the two properties.”
Mountain Valley is an ideal space for families as the property consists of 86 percent two- and three-bedroom floorplans with an average 969 square foot and ample amenity space that includes a playground, basketball courts and pet park. Additionally, this asset is across the street from one of the area’s top elementary schools.
Since the beginning of last year, the Fort Worth-based Silva Braly Multifamily Team of Marcus & Millichap has completed the successful marketing and sale of 50 apartment properties in the Dallas-Fort Worth area totaling over 10,000 units and $1.2 billion in transaction volume.