Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Landmark at Courtyard Villas, a 256-unit apartment property in Mesquite, Texas.
“We closed this transaction following a nine-month escrow period,” said Wes Racht, first vice president investments in Marcus & Millichap’s Dallas office. “Extensive escrow periods can be challenging, especially in fast-moving economic climates but our long-term relationships with both parties kept this sale on track all the way through to the finish line.” Racht, Nick Fluellen and Bard Hoover brokered the transaction on behalf of the seller, a California-based owner in a 1031 exchange, and procured the buyer, ShainRealty Capital. “ShainRealty financed the sale with a 2.83% HUD loan assumption and renamed the property Infinity on Sunnyvale,” added Racht. “The seller successfully completed their 1031 exchange and acquired a newer asset.”
Built in 1999 on 17 acres adjacent to Samuell Farm North regional park, the property is easily accessible from Interstate 635 and U.S. Highway 80. Downtown Garland, Rowlett and Dallas are within a short drive. Shopping and dining are nearby at the NorthRidge Center and Mesquite Town Center Plaza.
The unit mix at Landmark at Courtyard Villas is 120 one-bedroom/one-bath apartments, 120 two-bedroom/two-bath units, and 16 three-bedroom/two -bath apartments. Community amenities include a fitness center, swimming pool, laundry facilities and a playground.