Dougherty Mortgage LLC, on behalf of Legacy REI Group VF LLC, secured a $7.4 million Fannie Mae loan for the acquisition of Villa France, a 134-unit community in Irving, Texas. Arranged through a partnership with Old Capital Lending and Dougherty’s Minneapolis and Vienna, Va., offices, the 12-year term, two-year interest only loan has a 30-year amortization schedule.
The community is located at 1831 W. Pioneer Drive, in the immediate vicinity of shopping or dining options including Family Dollar, Agua Azul Restaurant and El Salvador Restaurant. According to Yardi Matrix, Villa France is 97.8 percent occupied and features one-, two- and three-bedroom apartments, in addition to one efficiency apartment. Sizes range from 500 to 1,256 square feet and rents start at $704 per month for the efficiency apartment, up 27.1 percent year-over-year as of March, and go as high as $1,283 per month for the three-bedroom, two-bath apartments, up 7.1 percent year-over-year as of March. Amenities include two swimming pools, two laundry facilities and more than 260 parking spots.
Earlier this year, Dougherty Mortgage also closed a $12 million Fannie Mae loan for a 216-unit property in Dallas.
Image courtesy of Yardi Matrix