MESQUITE, Texas, Jan. 11, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Oates Creek, a 280-unit apartment community in Mesquite, Texas.
“Built in 1984, this attractive Class B asset has undergone extensive capital improvements totaling $2.2 million,” said Nick Fluellen, senior managing director investments. “Fifty percent of the unit interiors have undergone an impressive full upgrade program that allows the property to better compete with nearby newer assets.” Fluellen and Bard Hoover, senior vice president investments, represented the seller and procured the buyer.
“Each upgraded unit commands a significant rent premium and the opportunity exists for the new owner to continue this proven renovation plan and maximize Oates Creek’s income potential,” added Hoover.
The property is located 10 miles east of Downtown Dallas, 2.5 miles from one of the area’s largest employers, Town East Mall, and within a mile of interstates 635 and 30. A UPS distribution center, a PepsiCo bottling plant and Eastfield College are also nearby.
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With more than 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of $49.7 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.