Northmarq’s Dallas Multifamily Investment Sales team, consisting of Taylor Snoddy, Eric Stockley, Charles Hubbard, and Campbell Brooks, has successfully brokered the sale of Lure Apartments, a 144-unit multifamily community located at 2929 Kings Road in Dallas.
Northmarq represented the seller in the transaction. The buyer was Rise48 Equity, based in Phoenix, Arizona.
“This represents our second closing of the year within the coveted Uptown/Oaklawn submarket, which has benefited from the highest organic rent growth in the metroplex,” Stockley said. “We were able to procure an off-market buyer that was able to close in 53 days utilizing Northmarq’s debt platform.”
Northmarq’s DallasDebt + Equity team of Kevin Leamyand Lauren Breskysecured acquisition financing on behalf of the borrower through Northmarq’s network of bridge lenders. The transaction was structured on a five-year term inclusive of extensions.
“Northmarq is pleased to have secured acquisition financing for a great, repeat client of the firm,” Leamy said. “We look forward to seeing the business plan come to life and are excited to have Rise48 Equity add another well-located asset to their DFW portfolio.”
Units at Lure Apartments include one-, two- and three-bedroom floor plans and offer options for stainless steel appliances, tile backsplashes, new shaker cabinets, gooseneck faucets, large closets, washer and dryer connections, built-in bookshelves, and more.
On-site community features include a swimming pool and sundeck, resident lounge, tanning salon, dog washing station, BBQ grills, optional covered parking, a dog park, fitness center, package lockers, and on-site maintenance.
Lure boasts quick access to Interstate 35E and the Dallas North Tollway. Convenient dining, retail, grocery store access, medical services, and entertainment venues are nearby. Its location four miles north of downtown Dallas puts it a short drive from the American Airlines Center, Dallas Museum of Art, Kay B. Hutchison Convention Center, and other must-see attractions within the downtown core. More than 387,000 employees and 35,000 businesses are located within a five-mile radius.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of more than $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes.
