Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Cedar Square, a 116-unit apartment property located in Dallas, Texas, according to Tim A. Speck, division manager of the firm’s Dallas office.
Nick Fluellen, Bard Hoover and Wesley Racht, investment specialists in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a local Dallas Fort Worth limited liability company, was also secured and represented by Fluellen, Hoover and Racht.
“The greatest success of the sale was not just selling a property through COVID but selling a 1960's property with a chiller, that had a 5.2% interest rate as a loan assumption. Those three components are the most difficult combination to do, but we were able to accomplish this with multiple offers,” commented Racht, “In order for both parties to get this across the finish line [we helped] the seller and buyer work together to find creative financing solutions”.
"This property is truly a diamond in the rough ready for some TLC to address tenant concerns and take it to the next level to match the gentrifying neighborhood. We are grateful for the opportunity to serve this community and make it better. Thank you, Marcus & Millichap,” commented Wayne Woods, Jennifer Joyce, Sandhya Seshadri, Elizabeth Bui, Scott Daniels and Nate Stewart, the general partners on the deal.
Cedar Square is located at 404 Andrews Ave in Dallas, Texas. The subject property features 161 units situated on 0.87 acres of land.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 9,726 transactions in 2019 with a value of approximately $50 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.
