The recent sale of 836-unit 8500 Harwood Apartments fits within the pattern of the Dallas-Fort Worth multifamily market: un-hindered growth. According to NorthMarq’s first quarter DFW multifamily research report, there were some 37,334 units under construction at the end of the first quarter with 6,951 units delivered during the first three months of the year.
The buyer of the North Richland Hills property was S2 Capital. The price was undisclosed.
NorthMarq arranged the sale for the buyer. NorthMarq’s Dallas team of Taylor Snoddy, James Roberts and Philip Wiegand completed the sale.
“At 836 units, the asset is one of the largest communities in the Dallas/Fort Worth market,” said Snoddy. “This is a very unique sale as the property is one of the few remaining assets with completely untouched interiors and exteriors.”
NorthMarq’s Dallas debt/equity team of Jeff Erxleben, Lauren Bresky and Kevin Leamy arranged acquisition financing via a bridge loan for the borrower through its correspondent relationship with a life insurance company. The transaction was structured with a three-year term on a 30-year amortization schedule.
A $12 million upgrade plan has been implemented by the new owner for the property.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.