Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Newport Landing, a 185-unit apartment property located in the Lake Highlands neighborhood of Dallas, Texas, according to Mark McCoy, Sales Manager of the firm’s Fort Worth office.
Al Silva, Senior Managing Director Investments, and Ford Braly, Vice President Investments in Marcus & Millichap’s Fort Worth office, exclusively marketed the property on behalf of the seller, an international private investor. The buyer, a Dallas-based 1031 exchange investor, was also secured and by the Silva Multifamily Team. The Silva Team had previously sold the buyer’s relinquished property (another 252-unit multifamily asset in Arlington) and helped the buyer successfully complete their 1031 exchange by selling Newport Landing to them.
During the past 12 months through June 2019, the Silva Multifamily Team has successfully completed the sale of 31 apartment communities in the D/FW area totaling nearly 6,000 units and $450,000,000 in value.
Newport Landing is a 185-unit community conveniently located in the Lake Highlands area of Dallas with great visibility along Walnut Hill Lane, which is a major thoroughfare offering easy access to Interstate 635. The property is situated within the respected Richardson ISD and is located near many retail, dining and employment options. BB Owen Park is across the street and several neighborhood schools are a quick bike ride away as well.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
