Newmark arranged $53.9 million in financing for the acquisition of Dry Creek Ranch, a 456-unit multifamily community in Northlake, Texas. Bow River Capital purchased the asset from Western Securities.
Newmark Vice Chairman Adam Randall, Managing Director John Westby-Gibson and Vice President Drake Blodgett arranged the five-year, fixed-rate, full-term interest-only Fannie Mae loan on behalf of the buyer. The financing marks the fourth Fannie Mae loan Newmark has originated for Bow River Capital, further strengthening a multi-year agency lending relationship with the Denver-based sponsor.
Located on approximately 29 acres in one of the fastest-growing areas of the Dallas-Fort Worth metroplex, Dry Creek Ranch offers a mix of one-, two- and three-bedroom residences complemented by a robust amenity package, including multiple swimming pools, a fitness center, clubhouse, business center and recreational facilities. The community is strategically positioned near AllianceTexas, Charles Schwab’s regional headquarters, Fidelity Investments’ Westlake campus and other major employment centers, with convenient access to Interstate 35W, State Highway 114 and DFW International Airport.
Bow River Capital acquired Dry Creek Ranch through its BRC Multi-Family Dislocation Fund, which focuses on existing, cash-flowing apartment communities across growth-oriented Midwest and Southwest markets. The property aligned with the fund’s investment strategy due to its location in a rapidly expanding North Texas submarket, attractive basis relative to replacement cost and opportunity for targeted value-enhancement initiatives. Bow River Capital plans to continue investing in the community through selective amenity, common-area and interior upgrades while maintaining its attainable rent positioning.
