DALLAS, TEXAS (October 3, 2022) – Taylor Snoddy, Eric Stockley, Philip Wiegand, and Charles Hubbard of Northmarq’s Dallas investment sales office, secured the sale of The Borough Apartments. The 208-unit multifamily property, built in 1981, is located at 5700 Boca Raton Boulevard, Fort Worth, Texas.
The transaction follows cue with Northmarq’s recently released Dallas-Fort Worth Multifamily market report: The location serves popular for increasing sales of Class C properties, giving investors the chance to upgrade and replenish buildings, generating more capital appreciation. Year to date, sales velocity in the Class C segment has doubled levels from the same period in 2021. Read the full report.
“This marks the 9th transaction we have closed in the submarket this year, lots of new capital flowing into an area that still offers a great entry-point basis relative to many parts of Dallas-Fort Worth. When you think about the deal profile most buyers are after right now, 1980’s construction with well-renovated exteriors and large floorplans is getting all the focus. Borough offers exactly that with plenty of runway ahead of it,” said Hubbard.
Kevin Leamy, Lauren Bresky, Daniel Stickane and Patrick Elliott from Northmarq’s Dallas debt/equity team arranged the bridge financing for the buyer. The financing was structured with a 3-year interest-only term.
“Financing for the acquisition was secured via a non-recourse floating rate bridge loan that offered a flexible prepayment structure,” said Kevin Leamy.
The pet friendly community, located at the intersection of I-30 and I-280, is just minutes east of Downtown Fort Worth. Residents within the gated community have access to the outdoor pool, as well as the grill-equipped picnic area. The highly walkable neighborhood is situated near three shopping centers, all within 0.7 miles. There are also five parks within 10.1 miles of the property, including Trinity River Trail, an 18-mile paved path for fishers, bikers, runners, and all explorers.
Apartment amenities include: In-unit washer/dryer, air conditioning/heating, ceiling fans, fireplace, granite countertops, stainless steel appliances, carpet, walk-in closets, private balcony/patio, and on-site parking space.