Dallas, TX – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate firm, brokers the sale of Miramonte Villas in Dallas, TX. The property is located at 5128 Cedar Springs Rd. Associate Vice President of Multifamily, Danny McQuaid, brokered the sale.
Built in 1970, the value-add multifamily asset consists of 51 units. The property featured fully renovated, partially renovated, and legacy units. The apartments are situated between two major thoroughfares (Dallas North Tollway & US-75) Maple Park, golf courses, eating establishments, and a variety of Dallas shopping destinations. The asset boasts a prime location on the border of the Oak Lawn & Medical District submarkets, with proximity to Highland Park and Uptown.
“We overcame backlogs with the bank appraisal process being delayed due to COVID-19 as well as the severe weather storm that impacted thousands of buildings in Dallas Forth Worth and throughout Texas. We were able to communicate effectively with both buyer and seller to ensure a smooth process to closing. In the end, the seller achieved a great price, and the buyer is purchasing a phenomenal asset with upside that will allow them to implement their value-add program and grow their multifamily presence in Dallas.” “Both Buyer and Seller made this deal very enjoyable to work on and I am excited for both parties as they continue to grow and execute their respective business plans,” said Danny McQuaid.
The seller was a local real estate investment company. The asset was held by the owner for over 20 years. The buyer, Freshwater Group, based out of New York City, wanted a value-add opportunity in a great location. The buyer plans to implement a renovation program over time, with the goal of holding the asset long-term.
For more information regarding this sale or if you have any other questions related to multifamily investments, please do not hesitate to reach out to Danny McQuaid. To view current listings, please visit www.matthews.com.
Matthews Real Estate Investments Services™, the nation’s fastest-growing commercial real estate brokerage firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 300 agents and support staff in over 10 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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