HGI Acquires North Dallas Asset
The transaction involved a $54.5 million Fannie Mae loan.
Mezzo. Image courtesy of Yardi Matrix
Harbor Group International has acquired Mezzo, a 378-unit multifamily community in Aubrey, Texas. The seller and developer of the property was a joint venture between ZOM Living and Civitas Capital Group. The transaction involved a $54.5 million Fannie Mae loan, public records show. Newmark brokered the sale and secured the debt.
ZOM broke ground on the project in the third quarter of 2020, financing its construction with a $39.6 million loan from Synovus Bank, according to Yardi Matrix data. The note carries a 2025 maturity date.
Completed in 2022, the garden-style community comprises 12 three-story residential buildings with one-, two- and three-bedroom floorplans ranging from 700 to 1,560 square feet. All apartments have in-unit washers and dryers. Common-area amenities include a fitness center, two swimming pools, a resident lounge, a spa and a yoga studio, as well as coworking spaces.
Located at 703 FM 1385, Mezzo is off Highway 380 and roughly 40 miles north of downtown Dallas, close to numerous retail, dining and entertainment options. Less than 3 miles away is the newly opened PGA of America headquarters.
Newmark Vice Chairmen Brian Murphy and Brian O’Boyle brokered the sale, while Executive Managing Directors Henry Stimler, Bill Weber and Matt Mense secured the acquisition loan. Mense and Stimler recently assisted HGI in the purchase of an 828-unit portfolio in San Antonio.
HGI currently controls a $20 billion portfolio totaling 58,000 units across the U.S. In January, the firm has secured $1.6 billion in capital commitments for its Multifamily Credit Fund.
