VaultCap Partners acquires Solon Place Apartments in Waxahachie, Texas
NorthMarq’s Dallas office arranged the multifamily property sale and financing
DALLAS, TEXAS (September 23, 2021) – VaultCap Partners completed the purchase of Solon Place Apartments, a 120-unit multifamily property located at 1000 Solon Place Way in Waxahachie, Texas.
The sale represents the third asset in which NorthMarq has represented VaultCap Partners this year. Corey Place, 275 units in Grand Prairie Texas (April 7, 2021) and Townhomes at Bluebonnet Trails, 56 units in Waxahachie, Texas.
Ryan Heddleston and Mark Christ, the principals of VaultCap Partners (www.VaultCap.com), extend their gratitude to the NorthMarq team for the opportunity to acquire these underperforming off market properties. “We are elated with this recent round of acquisitions and to improve the properties and the communities in which they are within. Our investors have high expectations on their expected returns and we intend to deliver”, said Ryan Heddleston.
The property benefits from close proximity to three shopping centers all within 1.1 miles and easy access to HWY’s 287 and 77, and Interstate 35. The nearby roadways make a commute to Dallas possible in under 30 minutes. Community amenities include: Courtyard, pool, on-site maintenance, elegant landscaping, laundry facilities, playground, pet-friendly policy and community events. Apartment amenities include: Fully-stocked kitchens, private patio/balcony, wood burning fireplace, central air/heat, large storage units, cable ready/internet ready, vinyl wood flooring, ceiling fan, washer/dryer connections, walk-in closets and resurfaced countertops.
“This represents the second successful transaction in Waxahachie between VaultCap and NorthMarq. The seller owned the community for nearly 30 years and kept the asset in excellent condition making it an attractive investment opportunity for the VaultCap team to capitalize on the strong fundamentals in the submarket,” said Eric Stockley. “The Ellis County submarket has been the highest occupancy submarket in the Metroplex over the past few years and currently averages 98.4 percent, with only 356 units currently under construction.”
NorthMarq’s Dallas Investment Sales team of Taylor Snoddy, Managing Director, James Roberts Senior Vice President, Phillip Wiegand, Senior Vice President and Eric Stockley, Senior Associate brokered the sale. NorthMarq’s Dallas Debt/Equity Vice President Will Hancock arranged a 3-year interest only bridge loan for the property through a private capital provider.
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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.
