Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Infinity on the Mark, a 373-unit multifamily asset in Dallas, Texas.
“Every transaction we complete is a major win in today’s market, and Infinity on the Mark is no exception,” said Wes Racht, managing director of investments in Marcus & Millichap’s Dallas office. “Given the complexity of a high-leverage adjustable-rate loan assumption, we were truly fortunate to work with two outstanding clients whose perseverance made this closing possible.” Racht, along with Nick Fluellen and Bard Hoover of Marcus & Millichap, in conjunction with IPA’s Drew Kile, Taylor Hill, Joey Tumminello, Michael Ware, and William Hubbard, represented the seller, a California-based LLC, and procured the buyer, Archway Equities.
“Archway is excited to acquire a well-occupied property in a strong submarket with limited new supply—only 200 units are currently under construction within a five-mile radius,” said Sean Moghavem, president of Archway. “The previous owner spent significant capital replacing most HVAC systems and all appliances, while also investing in upgrades such as new roofs and Hardie siding within the last five years.”
Built in 1986 and located at the intersection of Highway 75 and Interstate 635, the property is surrounded by employment centers, including the Telecom Corridor, Platinum Corridor, Uptown, Downtown, Plano, and Frisco. The Texas Instruments campus is adjacent to the property, and the LBJ/Central DART light rail station is within walking distance. Retail is nearby at the Lake Highlands Town Center and Richland College is within a short drive.
“The prior owner’s investments have set the property up for long-term success,” added Jeffrey Moghavem, managing director at Archway. “We plan to build on that momentum by adding new tenant amenities and improving curb appeal, aiming to attract employees from major nearby employers such as Texas Instruments and Medical City Hospital. It has become increasingly difficult to get deals done in today’s environment, and getting this across the finish line shows that we can still find and execute on the right opportunities.”
Community amenities include three resort-style swimming pools, a covered outdoor kitchen, and fitness center. All units have washers, dryers, and fireplaces. The average unit size is 760 square feet.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
