500-Unit Stoneleigh Complex Trades in Large Suburban Deal

The sales price was undisclosed, but buyer First Worthing is believed to have paid about $38 million for the property at 5501 Naamen Forest Blvd., which ranks the deal among the largest apartment transactions in suburban Dallas this year. Stoneleigh on Spring Creek, which was 93% occupied at the close, is of wood frame and stucco construction and was built in two phases from 2000 to 2002. The 500 apartments include 264 one-bedroom units, 212 two-bedroom apartments and 24 three-bedroom units that average 884 sf and rent for an average of $798.

Eli Gershenson of Quantum tells GlobeSt.com that the buyer needed to secure the loan in under 30 days in order to meet a deadline imposed by the selling entity for reporting to its investors. Gershenson and Stuart Wernick of Quantum originated the financing on behalf of the buyer, who secured the five-year loan on an interest only basis at a fixed rate of less than 5%. The loan was closed through Quantum's correspondent lending relationship with Green Park Financial of Bethesda, MD, under Fannie Mae's Delegated Underwriting and Servicing (DUS) program.

Gershenson notes that the apartment complex is in a growing suburban area in a newer part of Garland that is close to a number of new commercial developments, including retailers like Target, Wal-Mart, Sam's Club, and a fitness club that have all been built within the past 18 months.