DALLAS, TEXAS (October 4, 2022) – Taylor Snoddy, Charles Hubbard, Eric Stockley, and Philip Wiegand of Northmarq’s Dallas investment sales office, secured the sale of Verge Apartments. The 217-unit multifamily property, built in 1980, is located at 5454 Peterson Lane, Dallas, Texas. Northmarq represented the seller in the transaction.
“Verge is an extremely well-maintained 1980’s asset with immediate access to Galleria Mall and I-635. This location attracts a quality resident profile and higher than average retention rates, boosting the buyer’s confidence in the property’s long-term potential. With platinum-level interior renovations the owner plans to turn this into the superior class B property in the submarket, serving as a discount living option to new construction,” said Hubbard.
Patrick Elliott and Lauren Bresky from Northmarq’s Dallas debt/equity team arranged the permanent-fixed loan for the buyer. Northmarq secured the financing through its status as a Freddie Mac lender.
“This was a repeat borrower of ours that wanted fixed-rate financing along with flexible prepayment in order to best execute their business plan, so we were able to lean on Freddie Mac to structure the deal accordingly. It’s always great to close another deal for a repeat client and experience their growth along the way,” said Elliott.
The community features a highly coveted location in North Dallas, with direct access to the Dallas North Tollway & I-635, within steps of the Galleria Dallas, one of DFW’s premier shopping and entertainment centers. Additionally, the community is just west of the “Dallas International District” (Midtown Dallas) – a 450-acre, $4 billion master planned development, with plans to bring 4 million square feet of Class A office space, boutique retail, a 20-acre park, luxury hotels and multiple upscale apartment complexes.
Verge offers a mix of studio, one and two-bedroom units across 8 unique floorplans, with an average unit size of roughly 700 square feet. The community offers a best-in-class amenity package that includes two swimming pools, outdoor kitchen with BBQ area and bar, outdoor firepits with seating, fitness center, business center, clothes care facility with smart app capability, outdoor play area, gated access, and mature landscaping.