NorthMarq closes sale and financing of nine-property Dallas-Fort Worth portfolio consisting of 2,555 units
DALLAS, TEXAS (September 28, 2021) – Nitya Capital has acquired from Raven Multifamily nine properties consisting of 2,555 units located throughout the DFW metropolitan area. NorthMarq’s Dallas investment sales team represented both the buyer and seller in the transaction. Nitya plans to leverage their in-house management platform to streamline operational efficiencies across the portfolio while improving rental rates to market supported levels. Between the nine assets, Nitya is budgeting a combined $15 million of renovation work to improve unit interiors and shared amenity space.
“This has been a historic year for rental demand across DFW and this portfolio allows Nitya to capture the market-wide rent growth we have seen while diversifying across several different locations,” said Taylor Snoddy, president.
Properties include:
- Xander: 332 units located at 2508 Ridgmar Boulevard in Fort Worth, Texas
- Bella Vida: 256 units located at 7651 C.F. Hawn Freeway in Dallas, Texas
- The Palace: 280 units located at 1601 Regency Court in Arlington, Texas
- The Surround: 354 units located at 4299 Pleasant Run Drive in Irving, Texas
- 2704 CDMX: 332 units located at 2704 South Cockrell Hill in Dallas, Texas
- The Interlace: 432 units located at 3801 Gannon Lane in Dallas, Texas
- Tradewind: 306 units located at 2136 Tradewind Drive in Mesquite, Texas
- Candlelight Park: 128 units located at 1407 Acton Avenue in Duncanville, Texas
- Chaparral: 135 units located at 6520 Red Sierra Drive in Fort Worth, Texas.
NorthMarq’s Dallas Investment Sales team of Taylor Snoddy, managing director, James Roberts, senior vice president, and Philip Wiegand, senior vice president brokered the sale. The Dallas Debt/Equity team of Steve Whitehead, managing director, and William Hancock, senior vice president arranged acquisition financing for the borrower through floating rate bridge financing with a relationship lender.
“This was a great opportunity for our client to continue the renovation and value add plan to maximize the potential of the portfolio. We matched up the client with capital that was capable of taking down a large complex acquisition and managed the process to get great loans for the client,” said Whitehead.
Meet our team
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
