A Florida-based investor has acquired two Dallas-area rental communities.
Eagle Property Capital of Miami bought the Residences at Northgate in Irving and Arbor Creek apartments in Lewisville.
The purchases were financed with $55.1 million in loans arranged by commercial property firm Berkadia.
The Residences at Northgate is a 320-unit rental community at 4310 W. Northgate Drive in Irving. Arbor Creek is a 280-unit apartment property at 396 E. Southwest Pkwy. in Lewisville.
Berkadia arranged the purchase funding with mortgage provider Freddie Mac.
“Demonstrating recent year-over-year growth in household formation and a rise in the metro area’s population, Dallas continues to maintain its status as a highly suitable investment market within the competitive Sunbelt region,” Berkadia’s Mitch Sinberg said in a statement. “After evaluating these fundamentals and anticipating a rebounding labor market, value-add investors can expect increased demand to come up throughout the metro area and provide consistent returns to any portfolio.”
Read the full story at Dallas Morning News.
