Iliad Realty Group has completed the disposition of Plum Meadow, a 270-unit garden-style community in Dallas. EB Real Estate Group purchased the property. Berkadia originated a 10-year, $17.3 million Freddie Mac acquisition loan. The floating-rate mortgage has three years of interest-only payments and a 30-year amortization schedule.
The seller bought the asset in July 2016 from CCC&R Investment Group, according to Yardi Matrix data. Fidelity Bank provided an $8.5 million financing package at the time.
Located on 10 acres at 6910 S. Cockrell Hill Road, the property encompasses 27 two-story buildings completed in 1984. The unit mix has studio, one- and two-bedroom apartments ranging between 537 and 1,086 square feet. Amenities include laundry facilities, two swimming pools and a playground. The community is a short distance from Interstate 20 and the 1.1 million-square-foot Southwest Center Mall, 12 miles southwest of downtown Dallas.
The Berkadia team that negotiated on behalf of the seller included Managing Directors Thomas Burns and Jay Gunn and Senior Director William Jarnagin. Senior Director Josh Finley secured the debt for the new owner. Earlier this month, the brokerage assisted Stratus Properties in the disposition of The Saint Mary, a 240-unit property in Austin, Texas.