Marcus & Millichap Sells 222-Unit Luxury North Dallas Multifamily Community

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DALLAS, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of San Raphael (top left photo), a 222-unit 200,478-square foot luxury multifamily community in Dallas.

Will Balthrope (middle right photo), a vice president investments in the firm’s Dallas office, Matthew Friedman (lower left photo), a vice president investments in Encino, and Ryan Epstein, a senior associate in San Antonio, represented the buyer and the seller, both publicly traded REITs.

“San Raphael is an exceptional trophy asset located in the high barrier-to-entry Galleria area of North Dallas,” says Balthrope. “The property presents the new owner with an excellent opportunity for significant appreciation, rent growth and long-term stability.”

“The buyer has been targeting the Dallas market and is pleased to acquire an extremely well-located property in an area with strong apartment fundamentals at a price well below replacement costs,” adds Friedman.

The property is located 14181 Noel Road, one block east of the Dallas North Tollway, one-half mile north of the Galleria and one mile north of Interstate 635, the LBJ Freeway.

The Dallas North Tollway and Interstate 635 interchange is one of the busiest highway interchanges in Texas with traffic counts of 125,000 vehicles per day and 242,000 vehicles per day, respectively.

Noel Road is a north/south thoroughfare that leads directly into the Galleria’s affluent three-level mall with Westin Hotel and office towers.

Built in 1999, San Raphael units include full-size washers and dryers in every unit, fully equipped kitchens with luxurious granite countertops, built-in microwaves and oak cabinetry.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716