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DALLAS-A sizzling multifamily market has brought out a seller on a premier property in North Dallas near the Galleria while a landmark office building in the same submarket is nearing the final weeks of due diligence by an eager buyer.

“Preliminary interest is excellent,” says Barry Brown, senior director of Holliday Fenoglio Fowler LP in Dallas. So much so that Jefferson at Montfort I and II is up for sale without an asking price. At the current pace, Brown tells GlobeSt.com that he’s confident the 662 class A units will be under contract before the year ends.

The listing comes as Brown awaits the end of due diligence on another high-demand North Dallas property, the 182,468-sf Berkshire at Preston Center. That office building, he says, went under contract after a flurry of would-be buyers came knocking as soon as the 16-story tower at 5950 Berkshire Lane hit the market in late July. “Clearly there were more qualified buyers looking at that one than we’ve had in two years,” confides Brown.

The buyer is a pension fund adviser whose identity is being kept under wraps for now. It’s just a little too early to talk about the deal. But, due diligence ends in a few weeks and opens the door for a closing by the year’s close, according to Brown.

The multifamily deal also involves a pension fund, but this time it’s the seller, a client of Chicago-based Heitman Financial. The Jefferson at Montfort, located at 14332 Montfort Dr., is a 32-building community situated on 32 acres. The pension fund bought the 93%-occupied property upon its completion in 1995.

It’s the high temperature of class A multifamily transactions, bringing top dollar in the Dallas-Ft. Worth market, that has spirited the sale. “The ownership just feels the timing is right to take multifamily to the market as the money continues to flow,” says Brown.

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