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GRAND PRAIRIE, TX-A 418-unit complex, with upside in an 85% occupancy, has sold for close to $11.1 million in a deed-passing from Denver-based Aimco to a limited liability company from Dallas.

A Marcus & Millichap senior investment team, Norman Eastwood in Dallas and Robert Sheppard in Seattle, brokered the sale of Williamsburg Apartments at 2421 S. Carrier Parkway, a 21-year-old asset that collected $26,316 per unit and 8.4% cap rate at the closing table after a nine-year hold.

“Williamsburg is a solidly performing asset with attractive returns,” Sheppard said in a press released. “Increased occupancy and future market recovery will ensure exceptional returns in the future. Dallas Central Appraisal Districts assesses the 18-acre holding, just off Interstate 20, at $10.2 million.

The Williamsburg Apartments is a mix of 197 one-bedroom, one-bath, 99 two-bedroom, 1.5 baths, 92 two-bedroom, two baths and 30 efficiencies. The units range from 448 sf to 960 sf and rents from $430 to $660 per month.

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