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 Vernazza, a 100-unit apartment property located in Dallas, Texas, according to Mark R. McCoy, Regional 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, a Dallas-based private investor. Between the Silva Team’s extensive marketing efforts and the positive buyer sentiment towards this flourishing area of Dallas, the property attracted 19 tours and received 9 offers from a wide array of buyers, including developers. The buyer, who is also local to D/FW, was secured by Al Silva, Ford Braly and Michael O'Malley, Associate in Marcus & Millichap’s Fort Worth office.
The buyer has plans for interior and exterior renovations to suit the growth and change in the immediate submarket, with an eye on long term development opportunities in North Oak Cliff. Vernazza is located at 2800 West Davis Street in Dallas, Texas near the bustling new developments of Bishop Arts District, Sylvan & Thirty, Trinity Groves and Fort Worth Avenue Development. This location offers easy access to Downtown (10 minutes), Interstate-30 and multiple major medical centers. Such close proximity to major employment hubs and substantial new developments should continue to drive land values in both the short and long term.
During the past year, the Fort Worth-based Silva Multifamily Team has conducted the sale of 34 apartment complexes in D/FW totaling nearly 7,000 units and $500 million in transaction volume.
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.
