Avenida Crossing Apartments, a 464-unit multifamily property in suburban Dallas, has changed ownership. Dougherty Mortgage secured acquisition financing through a partnership with Old Capital Lending on behalf of the borrower. The buyer received a 12-year, 30-year amortization loan from Fannie Mae. According to Yardi Matrix data, the community last changed hands in 2015, when Omninet Capital acquired it from Bascom Group.
Located at 9760 Scyene Road on roughly 19 acres, the community is 2 miles from Interstate 635 and 1 mile from the Rancho Las Dos Potrancas event venue. The surrounding area has several retail options such as Bruton Terrace Shopping Center, which is within 2 miles of Avenida Crossing. Built in 1986, the 36-building asset features one- and two-bedroom apartment homes with fully equipped kitchens. Common-area amenities include a tennis court, playground and spa. According to Yardi Matrix, Avenida Crossing was 95.3 percent occupied as of December 2019.
This month, Dougherty Mortgage also arranged a $53.5 million loan for an upcoming community in Woodbury, Minn. Sundance at Settler’s Ridge is set to include 218 units.