Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-Local buyer WPA Investment Group Ltd. has pulled the 387-Unit Willow Pond Apartments from foreclosure proceedings. The new owners assumed a $6 million loan on the 42%-occupied asset and will invest just under $1 million to renovate and bring empty units back online.

Clark S. Willingham, who is sponsoring the investment group, tells GlobeSt.com that approximately 140 units are offline. The good news, he says, is that five units at the 6003 Abrams Rd. affordable housing complex will be back online within the first week of renovation.

Willingham says he became aware of the property when associate Tim Kay brought it to his attention. Willow Pond, built in the 1970s, was being held in receivership by Centerline Capital Group because former owner Homes for America Holdings Inc. of Yonkers, NY, couldn’t afford to pay the loan.

“They’d been overly exposed in Florida, and were out-of-state owners,” Willingham adds. “They just ran out of money.” With the loan assumed, the note will return to KeyBanc, which issued the original paper. Jeff Dowdle and Mark Dowdle with Marcus & Millichap Real Estate Investment Services represented the seller in this transaction.

Willingham says the plan for Willow Pond is to improve cash flow by getting the units up and rented. He has no plans to raise the rents, either, noting the asset should provide nice cash flow once it’s stabilized.

One thing in Willow Pond’s favor is many of the competing apartments in the area have been scraped for planned mixed-use developments by Trammell Crow Co. Willingham says he has no intention of flipping the asset and is in it for the long haul.

“This is a Section 8 project. There are another 2.5 years in the primary term and 15 years after that,” he says. “We’re not here to renovate and get out. We’re here to improve and operate.”

Willow Pond has a mix of efficiencies and one-, two- and three-bedroom apartments. Unit sizes are between 400 square feet and 1,400 square feet. Monthly rents are from $429 to $999.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.