DALLAS AND HOUSTON — Multi-Housing Capital Advisors (MHCA) has brokered the sale of a $113 million multifamily portfolio in Texas. The portfolio contains three properties in Dallas and one in Houston. All three Dallas communities are in the city's Uptown submarket and include Knoxbridge, a 334-unit property located at 4649 Cole Ave.; 3636 McKinney, a 103-unit property located at 3636 McKinney Ave.; and West Village, a 75-unit property located at 3839 McKinney Ave. The Houston property is Memorial Hills, a 308-unit community located at 4200 Scotland St.
“In the current market, where transactions have been few and far between, especially involving core assets, we worked diligently to create a mutually beneficial transaction comprised only of highly desirable infill assets,” said Peter Sherman, a broker with MHCA that helped arranged the deal. Uptown Dallas has embraced New Urbanism principles, creating a pedestrian-oriented neighborhood that features retail, restaurant and entertainment options. The Houston property is located adjacent to the city's central business district as well as the River Oaks neighborhood.
Sherman joined with MHCA brokers Curtis Palmer, Andy Sands and Herb Chase to completed the transaction. The seller was Los Angeles-based Gables Residential and the buyer was CIM Group, also of L.A.
— Coleman Wood