Madera Residential has secured $47.9 million in financing for its purchase of the 165-unit Armstrong at Knox in Dallas. The seller was MSD Capital, according to Yardi Matrix.
CBRE’s Debt and Structured Finance Group’s Jon Wooton, Mike Bryant and Victoria Langston arranged the loan. The floating-rate mortgage has an initial term of four years, which can be extended by one additional year.
The community was completed in 2016 and comprises one- and two-bedroom floorplans ranging from 750 to 3,130 square feet. Units have high-end finishes, 10-foot ceilings and walk-in closets. Amenities include a pool, fitness center, business center, clubhouse and lounge. The property also has a parking garage with controlled access and 28,000 square feet of retail space, including a Trader Joe’s store.
Located at 4525 Cole Ave. in the Knox Street neighborhood, the asset is close to Highway 75 which offers easy access to Dallas’ employment centers, including Uptown, the central business district and the Telecom Corridor. Weir’s Plaza, a nearly 300,000-square-foot office redevelopment, is just north of the property, while several other dining, retail and entertainment centers are available within a 1-mile radius.