NorthMarq brokers the sale of 650-unit, value-add multifamily community in Dallas, Texas

DALLAS, TEXAS (March 5, 2019) – NorthMarq’s Dallas-based Multifamily Investment Services Group today announces it brokered the sale of Montecito Creek, a 650-unit apartment community in Dallas, Texas. NorthMarq Managing Director Taylor Snoddy, Senior Vice President Philip Wiegand and Senior Vice President James Roberts represented the seller, NAPA Ventures. Exponential Property Group acquired the property for an undisclosed amount and has planned extensive interior and exterior renovations.

“Montecito Creek is one of the largest multifamily communities in Dallas, Texas. The property was built in 1983 on over 23 acres right off Highway 635. Exponential Property Group purchased the asset with plans for a heavy renovation. The budget includes modernizing exteriors and rebranding the community, significant upgrades to outdated interiors, as well as improving amenities for the residents. This acquisition takes Exponential’s portfolio to roughly 5,000 units,” said Snoddy. “Throughout our marketing process we had 170 signed confidentiality agreements, conducted over 24 tours and received 14 offers. This was a highly sought-after offering due to its location and size.”

The property provides excellent access to Lyndon B Johnson Freeway (I-635) and is just a few miles east of Highway 75. Residents have easy access to anywhere in Dallas. The property is located near the Lake Highlands Town Center, Texas Health Presbyterian Hospital, NorthPark Mall, the High-5 Interchange, the Telecom Corridor, as well as the newly developed CityLine project.