A California-based investment firm picked up a recently renovated garden-style apartment complex near a major North Texas employer and the intersection of two of Dallas’ busiest highways.

Archway Equities purchased the 373-unit Infinity on the Mark multifamily development near the intersection of Interstate 635 and U.S. Highway 75 in North Dallas. The nearly 40-year-old complex was sold by an undisclosed California company that installed new roofs, siding, HVAC systems and appliances within the last five years.

“The prior owner’s investments have set the property up for long-term success,” Archway Managing Director Jeffrey Moghavem said in a statement. “We plan to build on that momentum by adding new tenant amenities and improving curb appeal, aiming to attract employees from major nearby employers such as Texas Instruments and Medical City Hospital.”

The Texas Instruments campus is adjacent to the property, which also has a Dallas Area Rapid Transit station within walking distance.

With limited multifamily supply in North Dallas, the “well-occupied property” was an exciting purchase for the company, Archway President Sean Moghavem said. There are only around 200 units under construction within 5 miles of the gated, three-story property.

That limited supply could change soon as a new state law gives developers the right to build multifamily housing in any areas zoned for commercial property. The law went into effect at the beginning of the month and applies to cities such as Dallas that have populations greater than 150,000 in counties with more than 300,000 residents.

Last month, Dallas-Fort Worth ranked as the No. 2 metro in the country for apartments being built in 2025. The report from RentCafe says that nearly 29,000 apartments are expected to be built in the Metroplex this year, with almost 5,800 of those coming to Dallas.

Marcus & Millichap’s Wes Racht, Nick Fluellen and Bard Hoover represented the seller in the Infinity on the Mark deal and procured the buyer. They worked in conjunction with Drew Kile, Taylor Hill, Joey Tumminello, Michael Ware and William Hubbard from Marcus & Millichap’s Institutional Property Advisors division.

Given the volatility of the real estate market, Jeffrey Moghavem said it has become “increasingly difficult” to get deals done. Racht echoed the sentiment, calling the transaction a major win in today’s market.

“Given the complexity of a high-leverage adjustable-rate loan assumption, we were truly fortunate to work with two outstanding clients whose perseverance made this closing possible,” Racht said in a statement.

Archway owns more than 10 multifamily properties in the Metroplex and bought the slightly smaller Coronado Apartment Homes development in Lakewood last year.

This purchase comes as apartment asking rents are falling, and Realtor.com expects renter mobility could be on the upswing.