The Multifamily Group (TMG), a Dallas-based commercial real estate brokerage firm, announced this week it had facilitated the sale of Metker Place Apartments, an 88-unit, value-add garden-style multifamily property in Irving, Texas.
Jon Krebbs represented the seller, a local owner that held the property for 14 years, and Greg Miller procured the buyer.
“Metker Place presented the rare opportunity of acquiring a true value-add property,” said Greg Miller, senior advisor at TMG. “All units are in classic condition with rents well below market averages. Truly a great opportunity and a smooth transaction.”
Built in 1962 on 4.53 acres, Metker Place is 100% occupied and offers tenants one- and two-bedroom options with floor plans averaging 619 square feet. The property is located less than one mile away from 183 Airport Freeway, providing quick and convenient access to Dallas – Fort Worth. According to Yardi, the submarket saw an average YoY rental growth rate of 15.8%.
Krebbs commented: “After 14 years of ownership, the seller came to us for our expertise in finding the right buyer for value-add properties built in the 60s and 70s.” Krebbs added, “In addition, Metker Place marks our 6th transaction, totaling 964 units throughout Texas and Oklahoma in the past 30 days.”
TMG’s other properties closed in the last 30 days are The Springs at 1100 in Killeen, TX, Hidden Oaks in Hurst, TX, Midwest Manor in Midwest City, OK, Pebble Creek in Houston, TX, and Heritage Quarters in Waco, TX.
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Based in Dallas, Texas, The Multifamily Group is a commercial real estate brokerage firm focused exclusively on clients and helping them market, sell and acquire multi-housing assets. From asset valuation and coordination of the marketing process to contract negotiations, we help clients open doors and close deals. To learn more about TMG and our available listings, visit our website at https://multifamilygrp.com/.
The Multifamily Group
The Multifamily Group
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Prestige Standard journalist was involved in the writing and production of this article.