DALLAS and IRVINE, Calif. – September 5, 2018 – Berkadia today announced the financing and sale of The Montage Apartments and The Hub Apartments, two garden-style multifamily properties in Dallas. Managing Directors Jackson Cloak and Ed Kim, along with Associate Director Collin Downey of the Irvine, California office, secured the loans through Salt Lake City-based Bridge Investment Group for Greenlaw Partners, based in Newport Beach, California. Managing Directors Jeff Rowerdink and Joe Leon of the Irvine office, along with Managing Director Jay Gunn of the Dallas office, completed the sale on behalf of the seller, Texas-based Firestone MLP.
Each loan features adjustable 4.79 percent interest rates. The deal closed on August 14.
“There were a lot of moving pieces to this deal, and we were able to secure financing for the buyer with attractive terms,” said Cloak. “While the deal originated in our Irvine office, we collaborated with the Dallas team to tap their local market expertise.”
“This deal was a year in the making, and we were very glad to partner with the long-time owner to help sell the asset,” said Rowerdink. “With its location in the up-and-coming Cedar Springs area of the city, it attracted a lot of attention. Ultimately, the buyer will look to upgrade the properties to bring them in line with others in the Dallas market.”
Located at 5414 Cedar Springs Road, The Montage Apartments feature one-, two- and three-bedroom floor plans with walk-in closets, dishwashers, garbage disposals, ceiling fans and patios or balconies. Community amenities include a pool, a laundry room and a gated entrance.
Down the block from The Montage Apartments at 3136 Hudnall St., The Hub Apartments also feature one-, two- and three-bedroom floor plans with walk-in closets, dishwashers, ceiling fans, pantries and patios or balconies. The property offers three pools, a courtyard and gated access.
Both properties offer a combined 624 units on 17.56 acres of land, and the property is zoned for up to 60 units per acre. They are accessible via the Dallas North Tollway and are less than five miles north of downtown Dallas. The assets also afford convenient access to the Highland Park and Uptown areas, as well as University of Texas Southwestern and Parkland Hospital.