NorthMarq’s Dallas investment sales team of Taylor Snoddy, managing director, James Roberts, senior vice president and Phillip Wiegand, the senior vice president closed on seven multifamily properties totaling a combined 2,167 units. The properties are located throughout the Dallas-Fort Worth MSA. NorthMarq represented the seller, S2 Capital Partners, a large Dallas-based investor with a decade-long portfolio of holdings. The buyer is Manhattan Five Partners, LLC., a New York-based investment company. This acquisition is their first in the Texas market.
The portfolio is comprised of:
The Hangar: 201 S Clark Road; Cedar Hill, TX; 268 Units; Completed in 1980
Annex: 4709 Samuell Boulevard; Mesquite, TX; 267 Units; Completed in 1985
Forty200: 4200 US 80 Frontage Road; Mesquite, TX; 512 Units; Completed in 1983
Residence on Lamar: 1224 East Lamar Boulevard; Arlington, TX; 482 Units; Completed in 1976
Amp at the Grid: 765 Polk Drive; Arlington, TX; 446 Units; Completed in 1970
Current at the Grid: 724 Polk Drive; Arlington, TX; 192 Units; Competed in 1978
The Dallas-Fort Worth multifamily market experienced exponential activity, with sales velocity in the fourth quarter outpacing levels from the same period in 2019. Furthermore, sales of local multifamily properties in the fourth quarter of 2020 increased approximately 60 percent from Q3 levels. The forecast for 2021 remains strong with so much pent up capital looking to be placed. Despite strong headwinds created by the pandemic and the election, the Dallas multifamily team closed nearly $700 million in transactions in Q1 2021, a 300 percent increase over Q1 2020. This included 6,650 units from 19 communities, as well as the largest multifamily sale in Dallas history. With a successful Q1 in the books, the team is already looking forward with $1.5 billion currently under contract on the market, including 47 communities containing approximately 14,000 units. View the team’s available listings.