MLG Capital Buys DFW Community
Berkadia originated a $70.5 million Freddie Mac loan for the deal.
Marking its 54th Texas acquisition, MLG Capital has purchased The Jade at Frisco, a 424-unit Class A community in Frisco, Texas, within the Dallas-Fort Worth market. Berkadia originated a $70.5 million Freddie Mac note set to mature in August 2029, while JPI sold the asset, Yardi Matrix data reveals.
A team of JHP Architecture, United Structural Consultants, Jordan & Skala Engineers, Kimley Horn, Scott Oldner Lighting Design, as well as Benkendorfer + Associates and B2, broke ground on the project in 2020. The community opened in March 2023.
Spanning 17 acres, the eight-building community encompasses one- to three-bedroom floorplans ranging between 664 and 1,460 square feet. Units feature 10- to 12-foot ceilings, smart-home technology, as well as granite countertops, among others.
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Community amenities include a swimming pool with cabanas, a parlor, a gym, a conference room, as well as EV chargers, to name a few. Through its sustainable building practices, The Jade at Frisco received National Green Building Standard certification.
Located at 16220 Phoebe Road, the community is some 5 miles south of U.S. Route 380, while downtown Dallas is roughly 30 miles southwest. The Jade at Frisco is inside the 90-acre master-planned The Grove Frisco community—which is slated to include 4.5 miles of trails, as well as five parks.
Large employers such as JPMorgan Chase, CapitalOne and Bank of America are within 10 miles of the community. Frisco’s population grew by 8.6 percent from 2020 to 2022, according to the U.S. Census Bureau. Moreover, an additional spike of 6 percent took place in 2023.
Dallas-Fort Worth’s resilient multifamily investment scene
Preliminary estimates from a recent Marcus & Millichap report reveal that Dallas-Fort Worth transactions were down roughly 25 percent during 2024’s first quarter compared to the same period of last year. However, year-over-year as of March, cap rates rose to 5.2 percent—the highest mark since 2019.
The report goes on to mention that the mean sale price per unit fell to $173,000 as of March, representing a 3 percent decrease from its peak in 2022, but still upward of 40 percent higher than 2019’s figure.
Earlier this month, Knightvest Capital purchased a 240-unit asset in Plano, Texas, within the Metroplex. Encore Apartments marked Knightvest’s first purchase using its second investment fund, which targets assets suitable for repositioning.
