Manufacturers and Traders Trust Co. provided the buyer with a $13.9 million Fannie Mae loan.

Photograph of The Lex

The Lex. Image courtesy of Yardi Matrix

GVA Real Estate Group has sold The Lex, a 144-unit multifamily community in Dallas, to Dunleer. According to Yardi Matrix data, the sale was subject to a $13.9 million Fannie Mae loan originated by Manufacturers and Traders Trust Co. Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer, while also arranging the financing.

Completed in 1984, the garden-style property incorporates 18 two-story buildings with one- and two-bedroom floorplans ranging from 715 to 1,089 square feet. All apartments feature in-unit washers and dryers, fireplaces and granite countertops, as well as fenced backyards, balconies or patios. Community amenities include a swimming pool, a dog park, a media lounge, a fitness center and grilling stations, along with 302 parking spaces.

Located at 9701 W. Ferris Branch Blvd. in the Lake Highlands neighborhood, The Lex is right off Interstate 635, roughly 12 miles from downtown Dallas. Forest Meadows Park is within walking distance from the community, as well as some retail and dining options.

A collaborative brokerage effort

IPA Senior Vice President Taylor Hill, Senior Managing Directors Joey Tumminello and Michael Ware, Executive Managing Directors Drew Kile and Will Balthrope, along with Associate Cameron Purse, brokered the transaction on behalf of the seller. The same team was recently involved in the sale of a 966-unit Metroplex portfolio.

Executive Managing Director Brian Eisendarth and Senior Managing Director Cameron Chalfant, together with Managing Directors Jake Vitta and Jesse Zarouk, facilitated the acquisition financing.

Chesdin Self Storage. Image courtesy of Yardi Matrix

Greenville Self Storage. Image courtesy of JLL Capital Markets