DALLAS, TEXAS (September 22, 2022) – Northmarq’s Dallas investment sales team of Taylor Snoddy, Philip Wiegand, Eric Stockley and Charles Hubbard collaborated to arrange the sale of Finley Apartments. The 200-unit multifamily property (built in 1977) is located at 5621 Old Bullard Road in Tyler, Texas. Northmarq represented the seller in the transaction.
The transaction embodies a trend discussed in Northmarq’s recently released Dallas Fort-Worth multifamily market report: While transaction activity picked up across all property classes from the first half of 2021 to the first half of this year, the most significant increases were in the sales of older Class C properties. Year to date, sales velocity in the Class C segment has doubled levels from the same period in 2021. Read the full report.
“Tyler has always been a highly sought-after secondary market for its great employment base and quality renter profile. Finley’s balanced unit mix allows it to capitalize on these market fundamentals well, which is reflected in the lease trade-outs year-to-date and property’s overall strong performance,” said Hubbard. “We are very excited to see what the next owner is able to accomplish with a new capital infusion, targeting both interior and exterior renovations. “
Residents at Finley Apartments find themselves surrounded by numerous attractions and retail/entertainment options around the city of Tyler. Two colleges are within 4.8 miles, three shopping centers are within less than 0.4 miles, and two parks (including Caldwell Zoo) are within 6.9 miles. Being located nearby Broadway Avenue (Hwy 69) provides easy access across Tyler, as well as to the greater Dallas Fort-Worth MSA.
Community amenities include: Package service, laundry facilities, maintenance/property manager on site, 24-hour availability, trash pickup (door-to-door), renters insurance program, planned social activities, health club discount, pet play area, clubhouse, storage space, fitness center, pool, tennis court, courtyard, grill, and picnic area.
Apartment amenities include: High-speed internet access, in-unit washer/dryer and hookup, air conditioning, ceiling fans, cable ready, tub/shower, fireplace, dishwasher, disposal, stainless steel appliances, pantry, eat-in kitchen, microwave, oven, range, refrigerator, freezer, carpet, vinyl flooring, dining room, family room, built-in bookshelves, walk-in closets, window coverings, balcony, and patio.