Real estate brokerage sells Dallas apartments

Surrey Row property set on 14 acres

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Marcus & Millichap arranged the sale of Surrey Row Apartments in Dallas, Texas. The value of the transaction was $11.7 million. Surrey Row is a 436-unit garden-style apartment community located along the highly traveled Marvin D. Love Freeway, Highway 67, in Dallas. Constructed in 1989-1990, the property is a well-maintained and well-built class B community. Surrey Row is subject to Low Income Housing Tax Credit (LIHTC) restrictions through Dec. 31, 2004, for Phase I and through Dec. 31, 2005, for Phase II. The sale includes 342,696 square feet on approximately 14.4 acres. The unit mix includes 100 studio, 204 one-bedroom, 84 two-bedroom and 48 three-bedroom apartment homes, ranging in size from 558 to 1,116 square feet. A Southern California-based investment group sold the property to a Dallas-based limited partnership. At the time of sale, occupancy was at 80 percent. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opin...