Dallas Community Commands $24M
Maravilla Apartments acquired the 310-unit property from DIJ Properties with financial help in the form of a $17.8 million Fannie Mae loan arranged by Dougherty Mortgage.
A 310-unit residential community in Dallas, Texas has been acquired for $23.8 million by Maravilla Apartments LP. Dougherty Mortgage arranged a $17.8 million acquisition loan provided by Fannie Mae on behalf of the buyer. The seller was DIJ Properties.
The 12-year term, 20-year amortization loan was arranged through a partnership with Old Capital Lending for the borrower.
Located at 2625 Community Drive, Rush Creek comprises a mix of studio, one-, two- and three-bedroom apartments averaging 804 square feet. The community is situated 9 miles from downtown Dallas and is a 10-minute drive from Dallas Love Field Airport. The property provides easy access to Interstate 35 and Dallas North Tollway.
Amenities at the community include a clubhouse, playground, two swimming pools, on-site laundry facilities and 630 covered parking spaces. Earlier this year, DIJ Properties acquired a 386-unit property in Dallas from JPW Development and a 486-unit community in Arizona for $26 million.
Image courtesy of Yardi Matrix