Western Wealth Capital Buys 504-Unit Dallas-Area Community
- Jul 10, 2019
Western Wealth Capital has acquired the 504-unit The Brandt in Irving, Texas. Berkadia originated a $48 million, seven-year Freddie Mac, adjustable-rate acquisition loan with a three-year interest-only period for the new owner. The seller was InterCapital Group, according to Yardi Matrix data.
Located at 3950 N. Story Road between the Cottonwood Valley golf course and Cottonwood Creek Park, the asset is less than 8 miles from DFW International Airport and 14 miles south from downtown Dallas. Additionally, the community is within a 4-mile range of important employers such as the University of Dallas and Microsoft’s regional office. The asset comprises one- and two-bedroom apartments in 34 three-story buildings completed in 1984 on a 10.7-acre site. Common-area amenities include three pools, a dog park with pet wash station, a gym and four spas.
Yardi Matrix data shows the property was 93.1 percent occupied as of May. Western Wealth Capital intends to implement a value-add improvement program over the next five years, which will include upgrades to unit interiors and the addition of washers and dryers in most of them.
Managing Director Andy Hill and Associate Director Tyler Nowlin from Berkadia’s Austin office facilitated the financing for the buyer. Recently, a different team from the same brokerage company represented the seller in the disposition of the 332-unit Tradewinds at Willowbrook in Houston.