Financing Arranged for 263-Unit Acquisition

Nicholas Residential obtained financing to the tune of $13.5 million to acquire the 263-unit Valencia Apartments in Fort Worth. Suzanne Jones with NorthMarq Capital’s Dallas office secured the financing through Fannie Mae’s Green Rewards program. The transaction was structured with a 12-year term, with four years of interest only, followed by a 30-year amortization schedule.

Situated on approximately 15 acres at 7301 Ederville Rd., Valencia Apartments was built in the mid-1980s. Seller Madera Residential, listed as being in Lubbock, TX, acquired the complex in 2014 from a private investor for approximately $10.9 million.

Renamed Bellevue Valencia, the property offers one- and two-bedroom units, ranging from 668 to 1,080 square feet. Amenities include a pool, on-site laundry and a clubhouse.

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