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3/04/15
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Mandalay Palms, a 45-building, 600-unit apartment property in Dallas, was sold by an El Paso-based investment company. The terms of the sale were not released.
Built in 1985, Mandalay Palms sits on 25.5 acres at 7501 Chesterfield Dr, approximately 10 minutes from the central business district and with easy access to Interstate 20 and Highway 67. Apartments feature vaulted ceilings, walk-in closets, patios or balconies and fully equipped kitchens with pantries. Most units also have washer and dryer connections. Community amenities include two large swimming pools, onsite laundry facilities and a large clubhouse.
Al Silva, a senior director in Marcus & Millichap’s National Multi Housing Group in Fort Worth, represented the seller, and the buyer, a local partnership that plans to invest a substantial amount of capital into improving the property.Brian Adams, an Institutional Property Advisors (IPA) Capital Markets senior director in Dallas, arranged the financing.
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