Peak Capital Sells Dallas-Area SFR Community

Wexford Townhomes

Wexford Townhomes, a 122-unit single-family rental community in Duncanville, Texas, has changed hands. According to Yardi Matrix, Peak Capital Partners was the seller, which picked up the asset back in 2016. Lument‘s Vice President Michael Curland arranged the $34.7 million Fannie Mae acquisition loan on behalf of an undisclosed buyer.

The 10-year, fixed-rate financing includes a 30-year amortization period and five years of interest-only payments. Utilizing the Fannie Mae Green Rewards program, Lument achieved an interest rate reduction of 20 basis points, which, coupled with additional tax analysis, resulted in a $1.6 million increase of the loan amount, Curland mentioned in prepared remarks.

Completed in 1984 and renovated in 2016, the garden-style townhome community spans 9 acres and comprises 17 buildings with one- and two-bedroom floorplans averaging 1,081 square feet. The townhomes have laminated wood flooring, fireplaces in select units, patios and attached single-car garages. Residents also have access to a swimming pool and storage space.

Located at 600 Wembley Circle, the property is within half a mile of Highway 75, connecting it to Dallas. Several dining options and retail options, such as WinCo Foods, are within walking distance, while Duncanville city center is some 1.5 miles away.

The Sun Belt SFR market is showing strong fundamentals, driven by increased population growth in the past years and demand for well-managed built-to-rent communities. Just in May, Morgan Properties acquired Elevate at Skyline, a 136-unit SFR property in McKinney, Texas, marking its entry into the Dallas market.