Kommer and Porterfield Represent Seller in Sale of 255 unit Villa Del Sol Apartments
(Dallas, TX) Lane Kommer, Vice President of Investments and Land at Henry S. Miller Brokerage, and Mark Porterfield, Senior Vice President in the Investments and Land Division, recently represented the seller in the sale of Villa Del Sol Apartments, a 255-unit complex in Dallas, TX. The seller was 511 Oakgrove, LLC and the buyer was Staples Multi Family of Dallas, TX, represented by Brad Sumrock.
“We’re happy we could accomplish the sales goal of the seller, simply by sharing their story of success,” said Mr. Kommer. “They turned this property around. The complex had been roughly 60 percent vacant upon purchasing the asset and when they sold, occupancy was at about 97 percent. The sellers made significant capital improvements, put the right management team in place and took a challenged property and turned it into a stabilized asset that still has opportunity to grow revenue. As a result, we were able to maximize the value of the property.”
About Villa Del Sol Apartments
Villa Del Sol is located at 7651 CF Hawn Freeway in Dallas. Residents have convenient access to Interstates 20, 45 and 35E.
The complex, which was renovated in 2012, offers one- two- and three-bedroom apartments. Each unit has walk-in closets, high-speed Internet access, air conditioning and ceiling fans. Wheelchair accessible apartments are available. Community amenities include a business center, laundry facilities and service, and a playground and basketball court.
About Lane Kommer
Lane Kommer, Vice President of Investments and Land at Henry S. Miller in Dallas, works with developers, institutions and high net worth clients on the purchase and sale of all real estate classes. He focuses on high-density redevelopment opportunities, bank REO assets, multi-family and land transactions. Lane is a Henry S. Miller Top Producer, a D Magazine CEO Power Broker and a Dallas Business Journal Top Broker.
About Mark Porterfield
Mark Porterfield, Senior Vice President of the Henry S. Miller Brokerage Investments and Land Division, is a multi-family specialist of C and B class properties throughout Texas. Knowledgeable in all aspects of a transaction, he helps his clients with financing, insurance needs, management options, inspections and lender attorney-closing procedures. Mark has closed hundreds of transactions for all types of multi-family properties.