Marcus & Millichap Sells 308-Unit Dallas Multifamily Portfolio Through Chapter 11 Auction

DALLAS — Marcus & Millichap (NYSE: MMI) announced Oct. 15 the sale of Villas del Tesoro, a 229-unit apartment community, and 46 Eleven Apartments, a 79-unit property, a two-property, 308-unit multifamily portfolio in Dallas. The properties sold through a Chapter 11 bankruptcy auction following a competitive marketing and bidding process, the firm said. Al Silva and Ford Braly of Marcus & Millichap's Fort Worth office were the court-approved agents that marketed the portfolio on behalf of KeyBank and other debtors.

Chapter 11 Auction and Marketing Process

A five-week marketing campaign generated more than 30 property tours and 25 offers. Four qualified bidders advanced to the Chapter 11 auction, and the portfolio closed in a 29-day escrow.

"After a five-week marketing campaign that generated more than 30 property tours and 25 offers, we brought four qualified bidders to the Chapter 11 auction and ultimately closed the portfolio in a 29-day escrow," said Braly, managing director investments. "The sale demonstrates our team's ability to navigate the complexities of distressed transactions and maximize results for sellers through a competitive bidding process."

Braly and Silva, executive managing director, were the court-approved agents to exclusively market the portfolio on behalf of KeyBank and other debtors through the bankruptcy process. They procured the buyer, a local experienced investor, who secured the portfolio with a 10% nonrefundable deposit.

Villas del Tesoro and 46 Eleven Apartments Details

Villas del Tesoro is located at 7963 Villa Cliff Drive, and 46 Eleven Apartments is located at 4611 Samuell Blvd. in Dallas. Together, the 308 units were 50% occupied at the time of sale, with an average unit size of more than 850 square feet. Approximately 70% of the units have two- or three-bedroom floor plans.

46 Eleven Apartments, in the 75228 ZIP code, comprises approximately 83,724 square feet and was built in 1958, with unit sizes generally ranging from roughly 820 to 1,500 square feet. The properties are near White Rock Lake and approximately 10 minutes from downtown Dallas, with access to Interstate 30 and major employment centers.

The buyer plans a large renovation of the properties, which is intended to improve asset performance and occupancy.

Dallas-Fort Worth Multifamily Market Context

The sale comes as Dallas-Fort Worth multifamily fundamentals show improving demand alongside divergence by asset quality. Net absorption reached approximately 12,000 units in the second quarter of 2026, nearly twice the roughly 6,200 units delivered. The construction pipeline declined to approximately 43,300 units, about 43% below its 2023 peak.

Class A rents rose 1.3% quarter over quarter and Class B rents increased 0.8%, while Class C rents declined 0.6%. Through the first half of 2026, 72 multifamily properties changed hands in the market, with average cap rates of approximately 5.25%. Newer properties traded about 75 basis points tighter than older assets. In the first quarter, the median sale price among transactions with available pricing was approximately $175,300 per unit.

With 50% occupancy at sale and a 1958 vintage at 46 Eleven Apartments, the portfolio is primarily a value-add and operational-recovery transaction rather than a stabilized apartment sale.

Silva Braly Multifamily Team Activity

Since the beginning of 2026, the Silva Braly Multifamily Team of Marcus & Millichap has closed or awarded more than 1,850 apartment units in the Dallas/Fort Worth metroplex, totaling $145 million in consideration, the firm said.

Marcus & Millichap is a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, with offices throughout the United States and Canada. As of Dec. 31, 2025, the company had 1,808 investment sales and financing professionals in more than 80 offices. It closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion.

Sources

• Marcus & Millichap press release, Oct. 15, 2026: https://www.marcusmillichap.com/news-events/press/2026/10/10-15-26-46-eleven-and-villas-del-tesoro