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Weatherford Rental Property Bought at Discount
A high-end Class A apartment complex has been picked up by Darwin German at a discount. The Multifamily Dive reports that the buyer told them that The Mark at Weatherford, a 355-unit property adjacent to Weatherford College, was recently acquired for $70 million, considerably less than the $110 million it was valued at in January 2022.
The Mark at Weatherford, built in 2021 and 94% occupied, sits on an 11.5-acre parcel adjacent to Weatherford College. The property has a mix of one-, two- and three-bedroom floor plans and its amenities include community picnic areas, a resort-style pool, a business center, and a fitness center. Darwin German will be adding pickleball courts and landscaping upgrades.
Nova Capital secured a combined $55.85 million in financing for the deal, including a $37.85 million Fannie Mae senior loan from Walker & Dunlop and $18 million in preferred equity from Tryperion Holdings.
