Berkadia announces it has arranged the sale and finance of Stewart Creek Apartments, a 414-unit garden-style community in the Dallas suburb of Frisco. Managing Directors Jay Gunn and Thomas Burns of Berkadia’s Dallas office, along with Senior Director Will Jarnagin of the same office, listed the property on behalf of Univesco, Inc., a real estate investment firm based in Plano. Managing Director Jason Rice and Senior Director Chris Pollard of Berkadia’s Dallas office arranged the financing on behalf of sponsor Madera Residential, a real estate investment firm based in Lubbock.
Varde Mortgage Capital originated the 3-year, floating rate loan at 80 percent LTC.
“Continued corporate relocations and positive in-migration are set to make the local apartment market mirror that of a rebounding labor market over the next four quarters,” said Gunn. “Additionally, we’re anticipating absorption to slightly exceed deliveries this year, making Dallas one of the most favorable markets for investors in the Sunbelt.”
Built in 1999, Stewart Creek is located at 7549 Stonebrook Parkway. One-, two- and three-bedroom units include quartz countertops, wood-style floors, vaulted ceilings, walk-in closets and private patio/balcony. Community amenities include a business center, clubhouse, package lockers, picnic area and bark park.
Situated north of Dallas, the community is found near multiple transit corridors that take residents directly to a variety of employment hubs and entertainment venues. Dallas North Tollway is five minutes away and Sam Rayburn Tollway is under 10 minutes away, offering residents direct access into Downtown Dallas and the greater metro area.