Press Releases
Marcus & Millichap Closes Sale of 94-Unit Renovated Multifamily Asset in Dallas
July 14, 2025
DALLAS, July 14, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Hart House, a 94-unit apartment community in Dallas, Texas.
Positioned just off Fort Worth Avenue, the property offers quick access to downtown Dallas, Interstate 30, Loop 12, and Interstates 35 and 20, placing it near some of the country’s most robust employment centers. Hart House is adjacent to the thriving Bishop Arts District and North Oak Cliff, both of which continue to benefit from significant public and private investment.
“This closing is a great example of the importance of staying relentless in this environment,” said Ford Braly, managing director investments. “The choppy markets caused some heartburn throughout the marketing process, but we generated strong activity, 14 tours and seven offers, which allowed us to find the right buyer for the project.”
Braly, along with Al Silva, senior managing director investments in Marcus & Millichap’s Fort Worth office, exclusively marketed the property on behalf of the seller, a private out-of-state investor, and procured the buyer, an experienced local operator.
“The buyer was awarded the deal due to their strong offer terms, including non-refundable earnest money,” said Silva. “They followed through on every commitment, including closing a Fannie Mae loan just 65 days after PSA signing. The seller, meanwhile, maintained strong operations and delivered the asset 94% occupied, which helped facilitate a smooth transaction.”
The buyer plans to mark rents to market while maintaining the already stabilized and renovated property.
“Hart House sits below other All-Bills-Paid submarket competitors by approximately $130 on average, but the submarket boasts an average occupancy of 95 percent, proving strong renter demand,” Braly added. “New ownership has a quality product in a stable neighborhood and will now put attention toward growing NOI.”
Built in 1963 and 1964, Hart House consists of two buildings across nearly four acres at 1235 and 1239 Hartsdale Drive. The community features one- and two-bedroom apartments with walk-in closets and separate dining areas. Amenities include a swimming pool, laundry facilities, and resident courtyards. Recent capital improvements include interior renovations, significant plumbing and chiller repairs, and the addition of solar panels, which have cut electricity costs by 50%.
In the past six months, the Fort Worth-based Silva Braly Multifamily Team of Marcus & Millichap has successfully marketed and sold more than 700 apartment units in the Dallas-Fort Worth area, averaging more than 20 property tours, 10 offers, and a 98.6% list-to-close price ratio.
Positioned just off Fort Worth Avenue, the property offers quick access to downtown Dallas, Interstate 30, Loop 12, and Interstates 35 and 20, placing it near some of the country’s most robust employment centers. Hart House is adjacent to the thriving Bishop Arts District and North Oak Cliff, both of which continue to benefit from significant public and private investment.
“This closing is a great example of the importance of staying relentless in this environment,” said Ford Braly, managing director investments. “The choppy markets caused some heartburn throughout the marketing process, but we generated strong activity, 14 tours and seven offers, which allowed us to find the right buyer for the project.”
Braly, along with Al Silva, senior managing director investments in Marcus & Millichap’s Fort Worth office, exclusively marketed the property on behalf of the seller, a private out-of-state investor, and procured the buyer, an experienced local operator.
“The buyer was awarded the deal due to their strong offer terms, including non-refundable earnest money,” said Silva. “They followed through on every commitment, including closing a Fannie Mae loan just 65 days after PSA signing. The seller, meanwhile, maintained strong operations and delivered the asset 94% occupied, which helped facilitate a smooth transaction.”
The buyer plans to mark rents to market while maintaining the already stabilized and renovated property.
“Hart House sits below other All-Bills-Paid submarket competitors by approximately $130 on average, but the submarket boasts an average occupancy of 95 percent, proving strong renter demand,” Braly added. “New ownership has a quality product in a stable neighborhood and will now put attention toward growing NOI.”
Built in 1963 and 1964, Hart House consists of two buildings across nearly four acres at 1235 and 1239 Hartsdale Drive. The community features one- and two-bedroom apartments with walk-in closets and separate dining areas. Amenities include a swimming pool, laundry facilities, and resident courtyards. Recent capital improvements include interior renovations, significant plumbing and chiller repairs, and the addition of solar panels, which have cut electricity costs by 50%.
In the past six months, the Fort Worth-based Silva Braly Multifamily Team of Marcus & Millichap has successfully marketed and sold more than 700 apartment units in the Dallas-Fort Worth area, averaging more than 20 property tours, 10 offers, and a 98.6% list-to-close price ratio.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
