Dougherty Secures Refinancing for Dallas Community
The 53-unit garden-style property, located in the city’s North Oak Lawn submarket, contains a mix of studio, one- and two-bedroom apartments.
The owner of The Brix, a garden-style apartment community in Dallas, has taken a $4.1 million refinancing package for the 53-unit property. A partnership between Old Capital Lending and Dougherty Mortgage secured the 12-year Fannie Mae loan, which features a 30-year amortization schedule. The mortgage refinances a $2.2 million acquisition loan from 2016 held by Ennis State Bank, according to Yardi Matrix.
Located at 5156 Vandelia St. in Dallas’ North Oak Lawn submarket, the community sits within two miles of both Interstate 35 East and the Dallas North Tollway. Public transportation is available in the immediate area, with a city-operated bus stop a block away.
The community offers a mix of studio, one- and two-bedroom apartments between 243 and 842 square feet. Monthly rental rates range from $550 to $1,250, according to the property’s website. The Brix’s three buildings opened in 1970 and were most recently renovated in 2017. On-site amenities include laundry facilities, a barbecue area and 54 parking spaces.
Image courtesy of Yardi Matrix