DALLAS, TEXAS (September 26, 2022) – Taylor Snoddy, Charles Hubbard, Eric Stockley, and Philip Wiegand of Northmarq’s Dallas investment sales office, secured the sale of The Borough Apartments. The 80-unit/2-story multifamily property (built in 1986) is located at 350 Shady Lane Drive, Fort Worth, Texas.
As recently reported in Northmarq’s Dallas-Fort Worth Q2 Market Insights, the transaction is right on cue with multifamily sales remaining strong. In quarter two, sales velocity was 29 percent ahead of the pace in comparison to the first half of 2021 with transaction activity picking up across all property classes. Cap rates averaged 3.5 percent in the second quarter, keeping steady with last year’s results. Read the full report.
The investment sales team collaborated with James Currell of Northmarq’s debt/equity office to complete the financing for the buyer. The permanent-fixed bridge loan was structured with a 3-year term with 2-years interest only followed by a 25-year amortization schedule.
Located in the Woodhaven suburb of Fort Worth, residents neighbor high-end shopping, entertainment, education, and employment opportunities. The property is tangled between I-30 and I-820 connecting to major roadway systems. Bella Via lies within 5.1 miles of three colleges, including Texas Wesleyan University (10-minute drive). There are two shopping centers within a 9-minute walk (0.5 miles) and five parks within 9.7 miles, which includes River Legacy Parks: 16-minute drive from the property.
Apartment amenities include: Flexible lease options, in-unit washer/dryer, air conditioning, fireplace, dishwasher, walk-in closets, private balcony/patio, and on-site parking space.