Matthews Real Estate Investment Services has brokered the sale of the Miramonte Villas apartment complex at 5128 Cedar Springs Road in Dallas. Associate Vice President of Multifamily, Danny McQuaid, brokered the sale.
Built in 1970, the value-add multifamily asset consists of 51 total units, with a combination of fully renovated, partially renovated, and legacy units. The apartments are situated between two major thoroughfares (Dallas North Tollway & US-75) Maple Park, golf courses, eating establishments, and a variety of Dallas shopping destinations.
The seller was a local real estate investment company which held the asset for over 20 years. The buyer, Freshwater Group, based out of New York City, wanted a value-add opportunity in a great location and plans to implement a renovation program over time, with the goal of holding the asset long-term.