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 Maverick Oak Lawn, a 137-unit apartment property located in Dallas, Texas.
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 local partnership. The property had previously been marketed in 2021 by a competing national brokerage in which a sale was not completed. Despite interest rates rising and buyer sentiment declining during the 3-week marketing timeline in 2022, the Silva Braly Team was able to generate 13 tours and received multiple offers from experienced buyers. The buyer, an out of state partnership with DFW multifamily experience, was also secured by Mr. Silva and Mr. Braly. The buyer has plans to continue the premium renovation package to become the affordable competitor to the Class A property across the street and the additional 4,500 new units completed within 1 mile over the past 5 years.
Maverick Oak Lawn is located at 2702 Arroyo Avenue in Dallas, Texas and is visible from the Dallas North Tollway. This ‘B’ class community sits in an irreplaceable location less than 2 miles from downtown Dallas and the affluent Uptown and Park Cities neighborhoods with an average one mile household income of over $110,000 and projected 10% population growth in the next 5 years.
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.
