Press Releases
Marcus & Millichap Closes Sale of 105-Unit Lakefront Multifamily Asset in Richardson, Texas
March 18, 2026
RICHARDSON, Texas, March 18, 2026 – 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 Lakefront Villas, a 105-unit apartment community in Richardson, Texas.
The property sits adjacent to a lake and features frontage on Spring Valley Road, just west of U.S. Highway 75. This location provides visibility, access to area employers and proximity to Richardson ISD schools.
“This closing is a testament to the resilience and effectiveness of our team’s marketing and competitive bidding process in any market environment,” said Al Silva, executive managing director. “The choppy markets caused some heartburn throughout the marketing process, but we generated strong activity of 18 tours and 7 offers, which allowed us to find the right buyer for the project.”
Silva, along with Ford Braly, managing director investments, in Marcus & Millichap’s Fort Worth office, marketed the property on behalf of the seller, a local operator, and procured the buyer, a private investor new to the market.
“The buyer was awarded the offering due to their strong offer terms, including non-refundable money,” added Silva. “The buyer met all obligations, including closing a Fannie Mae loan in 65 days from PSA signing. The seller maintained the strong operations throughout, and delivered the property at 93 percent occupancy, which aided in the ease of execution.”
The buyer plans to implement a property-wide cable and internet service and offer washer/dryer rentals to increase revenue. “Lakefront Villas offers a great value-add opportunity for long-term ownership by marking rents closer to area comps in this strong rental market,” said Braly. “New ownership has a quality, well maintained product in a high-growth neighborhood and will now put attention toward growing NOI.”
Built in 1968, Lakefront Villas is an 11-building community spanning nearly six acres at 900 West Spring Valley Road. It offers large floor plans averaging more than 880 square feet, with washer/dryer connections in all units, fireplaces and full kitchens. Residents have access to lakeside views, a swimming pool, deck area, a clubhouse with fitness center and an onsite laundry facility. The property has been maintained by the same ownership for more than nine years.
Since the beginning of 2026, the Silva Braly Multifamily Team of Marcus & Millichap has closed or awarded 1,000 apartment units in the Dallas/Fort Worth metroplex totaling $95 million in consideration at a market leading 97.1% sales to list price ratio.
The property sits adjacent to a lake and features frontage on Spring Valley Road, just west of U.S. Highway 75. This location provides visibility, access to area employers and proximity to Richardson ISD schools.
“This closing is a testament to the resilience and effectiveness of our team’s marketing and competitive bidding process in any market environment,” said Al Silva, executive managing director. “The choppy markets caused some heartburn throughout the marketing process, but we generated strong activity of 18 tours and 7 offers, which allowed us to find the right buyer for the project.”
Silva, along with Ford Braly, managing director investments, in Marcus & Millichap’s Fort Worth office, marketed the property on behalf of the seller, a local operator, and procured the buyer, a private investor new to the market.
“The buyer was awarded the offering due to their strong offer terms, including non-refundable money,” added Silva. “The buyer met all obligations, including closing a Fannie Mae loan in 65 days from PSA signing. The seller maintained the strong operations throughout, and delivered the property at 93 percent occupancy, which aided in the ease of execution.”
The buyer plans to implement a property-wide cable and internet service and offer washer/dryer rentals to increase revenue. “Lakefront Villas offers a great value-add opportunity for long-term ownership by marking rents closer to area comps in this strong rental market,” said Braly. “New ownership has a quality, well maintained product in a high-growth neighborhood and will now put attention toward growing NOI.”
Built in 1968, Lakefront Villas is an 11-building community spanning nearly six acres at 900 West Spring Valley Road. It offers large floor plans averaging more than 880 square feet, with washer/dryer connections in all units, fireplaces and full kitchens. Residents have access to lakeside views, a swimming pool, deck area, a clubhouse with fitness center and an onsite laundry facility. The property has been maintained by the same ownership for more than nine years.
Since the beginning of 2026, the Silva Braly Multifamily Team of Marcus & Millichap has closed or awarded 1,000 apartment units in the Dallas/Fort Worth metroplex totaling $95 million in consideration at a market leading 97.1% sales to list 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, 2025, the company had 1,808 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 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
