DALLAS, TEXAS (February 18, 2020) – Jordan Creek Apartments, located 2502 Burney Oaks Lane in Arlington, Texas, was recently sold. The 2 and 3-story, 240-unit multifamily property, built in 1984, comprises 67 percent one-bedroom units, 33 percent two-bedroom units
NorthMarq’s Dallas Investment Sales team of Taylor Snoddy, managing director, James Roberts, senior vice president, and Philip Wiegand, senior vice president represented both buyer and seller in this transaction. The buyer was Ashland Greene Capital Partners, LLC. 2505 Burney Oaks Lane, LLC was the seller.
“The transaction was a win-win for both buyer and seller,” said James Roberts. “Jordan Creek is a great example of a true class B value add opportunity. The buyer is planning an expansive renovation to the asset to better compete in the submarket. The seller successfully implemented their business plan and is currently in a 1031 exchange.”
NorthMarq’s Dallas debt/equity team of Stephen Whitehead, senior vice president/managing director, William Hancock, vice president and Lauren Bresky, senior vice president secured acquisition financing for the property. The bridge loan was structured with a 3-year interest-only term.
“The borrower plans to complete a large renovation to the property and by giving them a loan that funded 100 percent of the future capital improvements, while still yielding an exceptional rate was what made this acquisition a great deal for the sponsor,” said Hancock.
Property amenities include: BBQ/picnic area, swimming pool, sports court, clubhouse, fitness center, gated community, on-site management and maintenance.
Apartment amenities include: Fully equipped kitchen with dishwasher and disposal, quartz countertops and stainless steel appliances in select units, tile backsplash, brushed nickel hardware, fireplace, faux wood flooring, ceiling fans, patio/balcony, walk-in closets, washer and dryer connections.
One of the main contributors to Arlington’s dynamic population growth has been the continuous expansion of freeway systems in the DFW metroplex. Arlington is located along I-30, the main thoroughfare that connects Dallas and Fort Worth.
As growth in North Texas continues to increase, so has the expansion of the I-30 highway system, adding more lanes and an overpass to Texas Loop 360, which borders Jordan Creek to the east and connects Arlington to other growing cities in DFW such as Irving, Southlake and Las Colinas. Expansion of these freeways allow residents the ability to commute efficiently while benefiting from the lower cost of living Arlington offers compared to Dallas or Fort Worth.
With DFW adding another 120,700 jobs in 2019, along with numerous headquarter relocations, Arlington is poised to be a main beneficiary of transplant residents who continue to fuel demand for rental communities in the area. Since 2010, population has increased by more than 24 percent within a 3-mile radius of Jordan Creek. Subsequently, North Arlington recorded a 5-year average annual rent growth of 6.2 percent (MPF 3Q 2019), the second largest out of all DFW submarkets.