Dallas Mid-Rise Community Lands $43M Acquisition Financing
- Oct 19, 2016
Dallas—HFF recently secured $43 million in financing for a 368-unit mid-rise community located in Dallas’ Oak Lawn neighborhood on behalf of Pure Multi-Family REIT LP. HFF placed the 12-year, fixed-rate loan with Cigna Investments for the acquisition of Alexan Fairmount. According to Yardi Matrix data, the property changed hands for $71 million.
Located at 4210 Fairmount St., Alexan Fairmount features one- and two-bedroom floorplans with sizes ranging between 512 and 1,186 square feet and monthly rents between $1,377 and $2,150. The five-story property features various amenities such as controlled access, a fitness center, business center, clubhouse, swimming pool and 700 parking spaces.
Positioned near Dallas’ largest employment and entertainment destinations in Uptown, the Medical District, Old Parkland Campus and the central business district, the property is surrounded by the city’s top retail, dining, cultural and nightlife attractions.
Senior Managing Director John Brownlee and Associate Director Michael Cosby represented the borrower.
Image courtesy of Yardi Matrix