CBRE announces the sale and financing of Riverside Villas, a 180-unit, Class A multifamily community located at 3741 Post Oak Boulevard in Euless, Texas. First Capital Advisors (FCA) purchased the property from Dallas-based Trinity Postoak Ltd.
Chris Deuillet, Jeremy Faltys and William Hubbard with CBRE capital markets’ investment properties in Dallas represented the seller. Jeff Stein, Michael Thompson and Brock Hudson with CBRE capital markets’ debt and structured finance team in Houston arranged the financing on behalf of FCA.
This is the second multifamily purchase for FCA as they re-enter the Dallas-Fort Worth market. They were encouraged by the strong DFW market fundamentals and foresee the area as a core market for multifamily ownership across the country.
“With Riverside Villas coming out of its initial lease up in the midst of the pandemic, collections were not affected,” said Deuillet. “This was one of our first assets to market in a post-COVID environment and Dallas-Fort Worth is still a very desirable location for solid returns. I was surprised on the level of interest we received.”
The CBRE debt and structured finance team worked with FCA to secure attractive 10-year fixed rate agency financing from Freddie Mac.
“Riverside Villas garnered intense lender interest from both agencies, but in the end, Freddie Mac was able win the assignment by allowing FCA to lock rate immediately and got comfortable with borrower projections on a property that was just stabilizing amidst COVID-19,” said Stein.
Constructed in 2019, Riverside Villas offers residents high quality interior features and community amenities including a resort-style pool, 24-hour fitness center and business center. The property has close proximity to several major Dallas-Fort Worth employers, including DFW Airport, American Airlines, General Motors, Lockheed Market and the University of Texas at Arlington.
The property was 94 percent occupied at the time of sale.