A private investor has sold Arbor Terrace, a 143-unit Class C community in Arlington, Texas. The buyer, a local investor, financed the acquisition with a 12-year, $9.1 million Fannie Mae loan originated by Dougherty Mortgage. The financing amortizes over a 30-year period.
Located at 1012 W. Pioneer Parkway, the garden-style community’s 11 two-story buildings are positioned on 5.3 acres, within 3 miles of Interstate 20 and Texas State Highway 360. Both Dallas and Fort Worth are approximately 20 miles away. The property is situated in the midst of the Pioneer Parkway retail corridor, with ample dining and shopping options.
The property contains a mix of efficiency, one- and two-bedroom apartments, with floorplans ranging from 320 to 940 square feet. Community amenities include a business center, laundry facilities, a swimming pool and a playground.
In August, Dougherty provided a $7.3 million Fannie Mae loan for the acquisition of a 116-unit community in Cockrell Hill, Texas.
Image courtesy of Yardi Matrix