posted on April 29, 2010 21:46
Marcus & Millichap Real Estate Investment Services has sold the Newport, a 65-unit apartment property in Dallas.
The purchase price for the property, which had been vacant for more than two years, was not disclosed.
Nick Fluellen, an associate vice president of investments in Marcus & Millichap’s Dallas office, and Barry Higgins, vice president of investments, marketed the property on behalf of the seller, a Denver-based investment company. Fluellen also found the buyer, a private local investor.
Fluellen said he received 15 offers to purchase the property.
“The location was so outstanding and the upside potential was so significant that there was substantial interest," he said.
The Newport sits on 3 acres at Birchbrook and Amesbury drives, a few blocks southeast of the Lover’s Lane and Greenville Avenue intersection. The 65 units have an average size of 1,100 square feet.
4/27/10 | Bill Hethcock | Dallas Business Journal