Multifamily - Debt, Sale

NorthMarq arranges the sale and financing of 265-unit, value-add multifamily community in Fort Worth, Texas

DALLAS, TEXAS (November 20, 2019) – NorthMarq’s Dallas-based Multifamily Investment Services Group today announces it brokered the sale of Ascent at Lake Worth, a 265-unit apartment community located a 6303 Shady Oaks Manor Drive, Fort Worth, Texas. NorthMarq Managing Director Taylor Snoddy, Senior Vice President Philip Wiegand and Senior Vice President James Roberts represented the seller, Presidium. A Denver based firm acquired the property acquired the property for an undisclosed amount and has planned extensive interior and exterior renovations. The debt/equity team of Managing Director Stephen Whitehead, Senior Vice President Lauren Bresky and Vice President Will Hancock secured permanent-fixed financing for the property through Fannie Mae.  

Property Information
– The property provides excellent access and visibility from the highly traversed Interstate 820 Hwy (110,000 vpd). 
– The Community consists of 265 units with an average unit size of 935 sf spread across 16 acres. Ascent is in an excellent location near Lake Worth High School and some of the area’s largest employment centers such as: Fort Worth Medical District, Downtown Fort Worth, Alliance Town Center, Lockheed Martin, Lake Worth Market Place, UNT Health Science Center, Montgomery Plaza, Sundance Square, and Beach Street Business Park. 
– The area experienced a staggering 43% population growth within three miles of The Property since 2010. Similarly, average household income rose 33% during the same period to its current level of $72,000. 
– The Community comes with a superior resident amenity package that includes: Two swimming pools, children’s playground with outdoor games, newly renovated fitness center, dog park, resident clubhouse and outdoor kitchen. 
– The property was awarded the 2018 Apartment Association of Tarrant County Community of the Year Award.

Broker Quote
“Ascent has tremendous upside in what is already a high rent growth submarket. Over the last five years, the submarket has averaged annual rent increases of 5.1 percent. Ascent has a competitive advantage to lead the market in growth with its irreplaceable Lake Worth views and superior amenity package. Our marketing efforts produced 175 registrations, resulting in 26 tours at the property and 20 offers. This was a highly sought-after offering due to its location and size.”

– Taylor Snoddy

Financing Details:
– Permanent financing through NorthMarq’s Fannie Mae platform was secured with full-term interest-only.
– NorthMarq closed financing in less than 50 days.

Producer Quote:
“We were able to execute for a good client under an efficient timeline and delivered competitive loan terms through our Fannie Mae platform.”

– Stephen Whitehead

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.