News
Multifamily Deals
January 27, 2013
Walker & Dunlop's Stephen Farnsworth led the team in a $91M Freddie Mae financing for Cortland Partners in acquiring four Class-A multifamily properties totaling 1,201 units in Jacksonville, Fla, Keller, and Kingwood.
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A local group acquired the 72-unit Spanish Oaks apartments in Granbury for an undisclosed amount from ERE in a 1031exchange. Marcus & Millichap'sBoyan Radic, Mason Green, and Afrim Mena listed the deal, while Boyan and Mason secured and repped the buyer. They tell us they received multiple offers within the first week on the market and the property went under contract in 14 days. The buyer closed at 96% of the asking price and plans to begin interior and exterior renovations immediately.
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An out-of-state group purchased the 120-unit Cascades Apartments in Arlington for an undisclosed price. Old Capital provided the acquisition and rehab loan with 12 months' IO financing during the property's rehab. Old Capital also provided a refi for an out-of-state group on the 83-unit Kings Square Apartments in Dallas.
