Dougherty Mortgage Provides Fannie Mae Loan for Dallas Asset
A private investor purchased a 116-unit market-rate community in southwest suburban Dallas, taking a $7.3 million loan to fund the acquisition.
A private investor has acquired Cedar Square Apartments, a 116-unit community in southwest suburban Dallas. Dougherty Mortgage originated a $7.3 million Fannie Mae loan to finance the acquisition. The 12-year term note amortizes over a 30-year period. The asset last traded in late 2016, when Azur Commercial Capital sold the community to a private investor, according to Yardi Matrix data.
Located at 404 Andrews Ave. in Cockrell Hill, Texas, the community is 2 miles south of Interstate 30 and approximately 6 miles from downtown Dallas. The property’s three two-story buildings are just north of the Jefferson Boulevard retail corridor, with big-box retailers, including Walmart, within a few miles. Two bus routes serve the immediate area, linking the asset with the rest of Dallas.
The community contains a mix of one- to three-bedroom units and floorplans range from 492 to 936 square feet. Property amenities include laundry facilities, a swimming pool and approximately 240 parking spaces.
Image courtesy of Yardi Matrix