NorthMarq Opens Multifamily Investment Sales Office in Dallas
The Minnesota company is the second this week to establish a multifamily presence in the Texas city.
DALLAS–NorthMarq Capital has created a new six-person multifamily investment sales team in Dallas as part of its continued expansion of that business.
Jeff Erxleben, executive vice president and regional managing director of NorthMarq, tells GlobeSt.com that NorthMarq opened its first multifamily investment sales offices in Albuquerque, N.M., and Phoenix, Ariz., earlier this year.
“This is part of our overall expansion into investment sales with more to come,” says Erxleben. “Our big-picture, strategic goal is to continue to expand the investment sales platform to other Texas markets as well as other markets throughout our network. We want to build upon our existing strong offices.”
NorthMarq’s Dallas office represents the company’s top-producing debt and equity advisory office. It also has a presence in Houston and San Antonio, according to Erxleben.
The Minneapolis, Minn.-based company is the second this week to unveil a new multifamily investment sales team in the Dallas area. Earlier this week, GlobeSt.com reported that Walker & Dunlop had hired away a six-person team from Jones Lang LaSalle to create a new multifamily investment sales office in Dallas.
Like Walker & Dunlop, NorthMarq sees both short and long-term potential in the multifamily sector as a whole.
“For us, the outlook on multifamily is still very positive both at the cycle we’re in today and in the long term. Overall, transactions in the Dallas market continue to remain pretty strong,” Erxleben says. “We think multifamily is a great complementary business to our existing debt and equity platform. Plus, this team is just a good fit for us both from a business and cultural perspective.”
Taylor Snoddy, the top overall producer for Transwestern the past two years, joins NorthMarq Multifamily as managing director – and along with NorthMarq Multifamily’s President Trevor Koskovich – will lead the multifamily growth in Texas.
Snoddy and his team, which includes senior vice presidents James Roberts and Philip Wiegand, over the past few years have closed more than $2.5 billion in multifamily sales including more than 45,000 apartment units. The trio is on pace to exceed $1 billion in sales in 2018.
Also joining NorthMarq Multifamily in Dallas are Eric Stockley, Devin Etzold, and Charles Hubbard. That trio will provide financial analysis, client service and transaction coordination.
The six-person group will work out of NorthMarq Capital’s Dallas office, which is also home to 35 debt, equity and servicing staff, according to Erxleben, along with underwriting and operations for the company’s Fannie Mae and FHA/HUD platform.
Since 1998, NorthMarq Capital has grown to more than 500 employees in 38 markets, now servicing over $53 billion on $13 billion of annual production.