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Marcus & Millichap Sells Luna Vista & Polk Villas Multifamily Portfolio In Fort Worth & Dallas For $40M

Property Image
SOLD
$40,000,000
Ford Braly
Al Silva

Texas

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MultiFamily
Sold 10/24/2023
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Property Image
SOLD

Marcus & Millichap Sells Luna Vista & Polk Villas Multifamily Portfolio In Fort Worth & Dallas For $40M

5925 Callaston Lane & 3288 South Polk Street

See Similar Deals
MultiFamily
Sold 10/24/2023
Ford Braly
Al Silva
the dealplayerscompscontact
Contact now

Summary

TEXAS
Asset Type:MultiFamily
Transaction Type:Sale

The multifamily assets, Luna Vista in Fort Worth and Polk Villas in Dallas, have been sold by Marcus & Millichap for a total of $40 million. Both properties, comprising a total of 401 units, were purchased by an undisclosed buyer. Luna Vista is located at 5925 Callaston Lane in Fort Worth, while Polk Villas is situated at 3288 South Polk Street in Dallas.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $40,000,000
  • Units: 401
  • Price per Unit: $99,751
  • Market: Fort Worth & Dallas

The sale of Luna Vista and Polk Villas was facilitated by Al Silva and Ford Braly from Marcus & Millichap. The Silva Braly team has been actively involved in several apartment property sales in the Dallas-Fort Worth area since the beginning of 2022. The properties are expected to undergo improvements to attract the region's renter base.

Players

Al Silva
Marcus & Millichap
Al Silva
37 deals$589.6M volume
BROKER
Ford Braly
Marcus & Millichap
Ford Braly
29 deals$589.6M volume
BROKER

Details

SOLD
IMAGE: Al Silva & Ford Braly DATE: 10/24/2023 ADDRESS: 5925 Callaston Lane & 3288 South Polk Street MARKET: Fort Worth & Dallas ASSET TYPE: Multifamily ~ UNITS: 401 BROKERS: Al Silva (@AlmostGuarantee) & Ford Braly (@FordBraly) - Marcus & Millichap (@MarcusMillichapinc) SALE PRICE: $40,000,000 UNITS: 401 ~ PPU: $99,751 NOTE: Marcus & Millichap has sold two multifamily assets, Luna Vista in Fort Worth and Polk Villas in Dallas, totaling 401 units for over $40 million. Both properties will undergo improvements and appeal to the area's renter base, with the Silva Braly team completing multiple apartment property sales in the Dallas-Fort Worth area since the beginning of 2022.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,133,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$142,111.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$189,620.41
Annual Debt Service$2,275,444.88