DALLAS, TEXAS (October 13, 2022) – Taylor Snoddy, Philip Wiegand, Eric Stockley, and Charles Hubbard of Northmarq’s Dallas investment sales office, secured the sale of Trinity Oaks and Clear Fork Trail. The apartment buildings represent a combined 334 units located within the Fort Worth MSA.
“The properties are located on the edge of Fort Worth’s new Waterside development. The buyer plans significant improvements to both communities to serve this growing job base. This was a smooth transaction despite current market conditions,” said Snoddy.
Lauren Bresky, managing director, and Kevin Leamy, senior vice president of Northmarq’s Dallas office finalized bridge financing for two multifamily properties. The acquisition loans were structured on a 5-year interest-only term with flexible prepay. Northmarq arranged the financings for the borrower through a bridge/mezzanine lender.
“We were pleased to work with the borrower as they expand their footprint in the DFW market with the acquisition of two well located assets, Trinity Oaks Apartments and Clear Fork Trail,” said Leamy.
Trinity Oaks: Located at 5608 Royal Lane, Benbrook, Texas, Trinity Oaks (built in 1980) lies less than 20 miles south of Fort Worth. Residents benefit from a suburban community with convenient access to city offerings. Recently renovated, each of the 166 units contain wood-style flooring and new lights. The Trinity Oaks community can enjoy a resort-style swimming pool, fully equipped fitness center, and spacious courtyards for furry friends to explore.
Clear Fork Trail: The 168-unit property (built in 1980) is located at 5707 Bellaire Drive South, Benbrook, Texas. Clear Fork Trail is 5 miles from the trailhead of Trinity Trails, giving residents the opportunity to enjoy the nature of Benbrook. Community members can also enjoy the convenience of an outdoor swimming pool, BBQ grill, tennis court, and lounge area.