DFW Class-A Multifamily Asset Acquired With $27M Capital Stack
Real estate investment firm Darwin German Real Estate nabbed $27.3M in debt and equity financing to purchase a Class-A multifamily asset in Dallas-Fort Worth.
Using financing procured by Los Angeles-based advisory firm Nova Capital, Darwin German secured enough capital to acquire the 255-unit Gold Creek Apartments in the city of White Settlement.
“The challenge in this market is not availability of capital — it’s achieving the right flexibility in terms and structure,” Nova Capital Managing Director and founder Steven Yazdani said in a statement. “By identifying multiple sources of debt and equity, the Nova Capital team was ultimately able to create a capital stack that met each of the client’s needs for this acquisition.”
The Tarrant County apartment community is gated and offers modern amenities to hundreds of tenants living at the 704 Dale Lane property.
Nova Capital secured a $21M loan and $6M in equity for the acquisition, sourcing the senior loan from a Freddie Mac DUS lender.
The asset is 97% occupied and sits on 11.6 acres.
Darwin German considers it a value-add play and already has plans to renovate the asset’s interiors and exteriors.