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 The Life at Stone Crest, a 153-unit tax credit apartment property built in 2002 and located in Dallas, Texas at 3015 E Ledbetter Drive.
Al Silva, Senior Managing Director Investments, and Ford Braly, First Vice President Investments, in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a large national owner & operator from New York. After a four-week marketing process with multiple offers the property was secured by an experienced, Dallas-based investor in a 1031 exchange from a property recently sold by the Silva Braly Team. The new owners will make significant improvements to the property management and operations, which will significantly improve the tenant living experience onsite.
The Life at Stonecrest was marketed in early 2022 by a national competitor who specializes in Tax Credit and Affordable Housing and despite interest rates being substantially lower, no serious offers were procured by the initial effort. The Silva Braly Team was awarded the assignment and after 4 weeks, procured 4 offers with non-refundable earnest money and closed the transaction with no financing contingencies or price adjustments within 85 days of escrow. This successful sale is a testament to the continued resiliency of the multifamily market in Dallas/Fort Worth despite headwinds in the capital markets.
Since the beginning of last year, the Fort Worth-based Silva Braly Multifamily Team has completed the successful marketing and sale of 50 apartment properties in the Dallas/Fort Worth area totaling more than 10,000 units and over $1.2 billion in transaction volume.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research, and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 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 clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
