Victory Park Rental Community Acquired by Madera Residential
Madera Residential has acquired another luxury Texas residential building, this one in Victory Park near downtown Dallas. Madera has nearly 30,000 residential rental units across North Texas and Houston, with a value of $2 billion.
The Dallas Express reports that New York-based I&G Direct Real Estate was the seller of the Cirque Apartment high-rise. Built in 2006, the 26-story Cirque high-rise includes more than 250 rental units, of which roughly 95% are leased with an average rent of more than $3,000 a month.
The property features a seventh-floor outdoor orbit lounge, a dedicated concierge and valet, upgraded floor plans, and luxury amenities such as a state-of-the-art fitness clubhouse, private lounges, a heated rooftop pool, and seasonal poolside bar service.
Madera Residential financed the purchase of the Cirque with a $62.4 million loan from MetLife Commercial Mortgage.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.