DFW Multifamily Market Sees Loan Closing, Sale

The Finger Cos. in Houston took its construction loan to a permanent standing for the 305-unit Park at Turtle Creek Apartments, located at 3377 Blackburn St. Houston-based L.J. Melody & Co. provided the 10-year loan with 30-year amortization and subsequently sold the loan to Freddie Mac.

The two-year-old class A complex was 93% occupied at the loan closing, says L.J. Melody's Paul House. Not a bad occupancy in submarkets that are deemed the region's most competitive by Dallas-based M/PF Research Inc. in its Q4 analysis. More than 2,000 units delivered last year in the city's core to drive down occupancy four to five points. Intown registered 89.7% and Oak Lawn, 91%, at the year's close.

In Fort Worth, buyers are competing. FSF Manitoba Associates LP of Larkspur, CA, has sold its second property in less than two months. And once again, the holding brought close to the asking price, George Deuillet III, Dallas senior investment adviser for Phoenix-based Hendricks & Partners, tells GlobeSt.com. FSF was seeking $6.4 million for the 265-unit Manitoba Apartments at 8225 Calmont Ave. in the city's southwest sector.

Deuillet says several would-be buyers tossed in a bid in the two months that the 11.6-acre holding was on the market. The buyer of record is AHF-Manitoba LLC of Baton Rouge, LA, but it has its roots in the DFW metroplex as a non-profit organization. The 30-year-old complex's average rent is $555 per month or 62 cents per sf. Unit size averages 896 sf.

M/PF says the metro's bright spots are Denton, South Arlington and Fort Worth's Intown/Cultural District, all boasting occupancies above 95%. And what's the Manitoba's? It's full, says Deuillet. It's also in good shape for vintage product and abuts a new elementary school. It's within 300 yards of FSF's mid-November sale, which brought close to $2.3 million for a 100-unit, 98%-occupied complex.