JV Lands Acquisition Loan for West Dallas Asset
S2 Capital and Pennybacker Capital teamed up for the purchase of a 250-unit market-rate community in Arlington, Texas. Mark Brandenburg of JLL led the team responsible for arranging the acquisition loan.
By Razvan Cimpean
A joint venture between S2 Capital and Pennybacker Capital secured the acquisition financing for Mark at 2600, a 250-unit garden-style community in Arlington, Texas. LegacyTexas Bank originated the loan and JLL represented the borrower in the deal.
Located at 2624 Southern Hills Blvd., Mark at 2600 offers convenient access to Texas State Highway 360 and multiple leisure centers, including Six Flags Over Texas and AT&T Stadium. The 20-building property features one-, two- and three-bedroom apartments, ranging between 718 and 1,488 square feet per unit. According to Yardi Matrix data, rents start at $743 and go as high as $1,191, as of this month. Community amenities include a fitness center, playground, swimming pool, spa and more than 500 parking spaces.
Mark Brandenburg, managing director with JLL, led the Capital Markets team responsible for securing the financing. Earlier this year, Brandenburg also arranged the acquisition loan for Sunridge Apartments, a 332-unit Grand Prairie affordable housing community.
“This property benefits from a strong sponsor in S2 Capital, who has a successful and robust presence in this area,” Brandenburg said in prepared remarks. “North Arlington’s multifamily market is opportunistic with occupancy over 92 percent, and it attracts a lot of interest from both investors and lenders.”
Image courtesy of Yardi Matrix