June 7, 2019
A 1031 Exchange investor bought Newport Landing, a 185-unit apartment complex in Dallas’ Lake Highlands neighborhood. The local buyer acquired the property at 10850 Walnut Hill Ln. from Republic Newport Landing LP, which is traced to Republic Funds of Toronto, ON. The seller ended a three-year hold with the disposition.
Al Silva and Ford Braly with Marcus & Millichap marketed the property and secured the buyer, which had exchanged out of Garden Park, a 252-unit multifamily asset, to complete the deal. The Silva team had sold the Garden Park property, located at 1609 Sherry St. in Arlington, TX, to a Florida buyer, as part of the exchange.
The two-story Newport Landing complex delivered in 1971, and offers studios and one and two-bedroom units. Amenities include a fitness center and sauna, pool, playground, basketball and tennis courts, and a pet play area.
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