Two apartment complexes sold in Dallas
DALLAS, TX – – Henry S. Miller Brokerage’s Lane Kommer, Associate of the Investments-Land Division in Dallas-Fort Worth, recently represented the buyer of two apartment complexes in the Oaklawn area of Dallas, Texas. The Versailles Apartments are located at 4625 Cedar Springs Road and the adjacent Marrakesh Apartments are located at 2930 Kings Road, on the SEC of the Kings Road and Cedar Springs intersection. The communities have a combined 66,838 square feet of rentable space and a total number of 77 units. Currently their combined occupancy is about 95%. Situated a few blocks west of the Dallas North Tollway, the apartment properties offer easy access to all areas of the Dallas-Fort Worth Metroplex and are minutes from the UT Southwestern Medical Center and Dallas Love Field Airport. The new owners plan to make some capital improvements and will continue the leasing and management operations of both properties. Eventually, the new owner of Versailles and Marrakesh intends to redevelop the properties as they sit on approximately 110,000 square feet of prime multi-family land.
The seller, Toluca Square Ltd. was represented by Grant Guest of Perry Guest Company in the transaction.