DALLAS, TEXAS (July 21, 2021) – NorthMarq’s Dallas investment sales team of Taylor Snoddy – managing director, James Roberts – senior vice president and Philip Wiegand, senior vice president completed the sale of 8500 Harwood Apartments. The 836-unit property is located in North Richland Hills, Texas. NorthMarq arranged the sale for the buyer, S2 Capital. A $12 million upgrade plan has been implemented by the new owner for the property, which will include renovations to the clubhouse, pool and common areas, as well as upgrades to the rental units.
The property’s sale fits within the pattern of the Dallas-Fort Worth multifamily market: un-hindered growth. According to NorthMarq’s recent DFW multifamily research report for the first quarter of 2021, there were an estimated 37,334 units under construction at the end of the first quarter, with 6,951 units delivered during the first three months of the year. Read more about the DFW multifamily market in our quarterly report.
“At 836 units, the asset is one of the largest communities in the Dallas/Fort Worth market,” said Snoddy. “This is a very unique sale as the property is one of the few remaining assets with completely untouched interiors and exteriors.”
NorthMarq’s Dallas debt/equity team of Jeff Erxleben – executive vice president/executive managing director, Lauren Bresky – senior vice president, and Kevin Leamy – vice president arranged acquisition financing via a bridge loan for the borrower through its correspondent relationship with a life insurance company. The transaction was structured with a 3-year term on a 30-year amortization schedule.
“Our correspondent life company lender was able to offer the best combination of proceeds and rate,” noted Erxleben.
8500 Harwood Apartments, a garden-style complex, offers residents close access to Harwood Plaza, University Plaza and Richland Commons, three shopping centers within 0.8 miles (16-minute walk). Also in close proximity are: NRH20 Family Water Park, hockey games at NYTEX Sports Centre, as well as numerous other retail and restaurant options within blocks. Nearby universities/colleges include: Tarrant County College (1.4 miles); Texas Wesleyan University (11.4 miles) and The University of Texas at Arlington (14.4 miles).