Brazos Residential Buys DFW Affordable Asset
The 248-unit community is halfway between Dallas and Fort Worth.
Brazos Residential has bought Rush Creek, a 248-unit affordable housing property in Arlington, Texas. Marcus & Millichap brokered the deal on behalf of the seller, Pennybacker Capital.
Last month, the buyer assumed the outstanding balance of a CMBS loan issued in 2019 in the amount of $17.6 million, according to Yardi Matrix information.
Completed in 2004, Rush Creek comprises 12 two- and three-story buildings with two- and three-bedroom unit layouts. Shared amenities at the 16-acre property include a swimming pool, after school children’s classroom, business center, fitness center, clubhouse and a sports court with playground. The community also has grade-level parking with 500 spots.
The asset is at 1200 W. Sublett Road, some 2 miles from Interstate 20. There are several retail and entertainment options within 2 miles of the property, including The Parks Mall at Arlington, The Home Depot and a Walmart Supercenter. The University of Texas at Arlington is less than 7 miles north, while Dallas-Fort Worth International Airport is within 23 miles.
Marcus & Millichap First Vice Presidents Wes Racht and Sam Pettigrew, Executive Managing Director Nick Fluellen and Senior Managing Director Bard Hoover brokered the transaction and procured the buyer.
Marcus & Millichap’s Institutional Property Advisors division recently assisted Equity Residential in buying another asset in the Metroplex. Equity Residential purchased Trailwinds Grapevine, a 324-unit community in Grapevine, Texas, some 22 miles north of Rush Creek.
