Affordable Dallas-Area Portfolio Changes Hands

Greysteel has facilitated the sale of Ironwood Crossing and Rush Creek Apartments, two properties encompassing 528 units. The company also arranged acquisition financing totaling $37 million.
Ironwood Crossing, Rush Creek
Ironwood Crossing, Rush Creek

Ironwood Crossing and Rush Creek Apartments, two affordable housing properties in Fort Worth and Arlington, Texas, have traded. Greysteel arranged the sale of the assets and also secured acquisition financing for the 528-unit portfolio. According to Yardi Matrix data, buyer Pennybacker Capital used loans totaling $37 million for the purchase, with Prudential Financial originating the financing.

Located at 2600 Western Center Blvd. in Fort Worth, Ironwood Crossing is a 280-unit community, 10 minutes north of downtown Fort Worth, west of Interstate 35 and north of Interstate 820. The asset features two- and three-bedroom units in 32 buildings, with an average 1,178 square feet. Rush Creek is situated at 1200 W. Sublett Road in Arlington, about 2 miles south of Interstate 20. The University of Texas at Arlington is just 15 minutes north of the 248-unit property that consists of two- and three-bedroom units averaging 1,057 square feet.

Both communities were built in 2004, with amenities at each asset including a swimming pool, a fitness center, a business center and two playgrounds.

Greysteel President & CEO Ari Firoozabadi, Managing Director Doug Banerjee and Senior Investment Associate John Marshall Doss worked on behalf of the seller, procured the buyer and arranged the financing on behalf of the buyer. Earlier this year, Greysteel facilitated the sale and acquisition financing for two other multifamily properties in Dallas.

Images courtesy of Greysteel