American Landmark Snags Dallas-Fort Worth Asset
A team from Berkadia's South Florida and Philadelphia offices arranged $32.9 million in financing to purchase Advenir at Mansfield. The new owner intends to renovate the 334-unit property.
Advenir at Mansfield
American Landmark and its debt and equity partner Electra America have purchased Advenir at Mansfield—a 334-unit garden-style community in Mansfield, Texas—from Advenir. Berkadia Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of the company’s South Florida office, along with Philadelphia-based Senior Managing Director Bob Falese and Senior Director Matt Cullison, arranged $32.9 million in acquisition financing on behalf of the buyer. Freddie Mac originated the 10-year, fixed-rate green loan with five years interest only, at a 70 percent loan-to-value.
Situated at 370 N. State Highway 360, the community is just off Freeway 360, around 30 miles from downtown Dallas and 23 miles from Fort Worth. The property is near Mansfield Sports Complex and Vernon Newsom Stadium. Built in 2010, Advenir at Mansfield comprises a mix of one-, two- and three-bedroom units, averaging 913 square feet, Yardi Matrix data shows. The apartments feature walk-in closets, washers and dryers, balconies, as well as patios. Community amenities include:
- fitness center
- business center
- pet park
- poolside bar with grill station
- swimming pool
- tot lot
Renovation plans
The buyer intends to spend approximately $1.5 million to renovate the 2010-built Advenir at Mansfield. American Landmark plans to improve the property’s interior with new kitchen backsplashes, plank flooring and lighting and fixture upgrades in bathrooms. Additionally, the company will renovate common areas such as the clubhouse, fitness center and swimming pool. Besides these, a mail package system will be introduced as well.
“The Dallas-Fort Worth area has always been an attractive market, more so with its economy expanding and record low unemployment. These fundamentals are conducive to continued demand,” said Christine DeFilippis, chief investment officer of American Landmark, in a prepared statement. “We are capitalizing on the inherent suburbanization of the Dallas-Fort Worth MSA facilitated by the recent completion and opening of State Highway 360, providing quick access to downtown employment centers while nestled in Mansfield’s local amenities and attractions.”
American Landmark and its partner are acquiring value-add properties in several locations across the Southeast and Southwest. Most recently, the company purchased a four-property portfolio in Florida, Georgia and South Carolina.
Image courtesy of Yardi Matrix
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