Thursday, October 20, 2016

Upscale Dallas apartment community lands

 $43 million in debt

An upscale apartment community in Dallas' Oak Lawn neighborhood has landed $43 million in debt as part of a $71 million acquisition by a Canadian real estate investment trust.
It will be re-branded from the Alexan Fairmount to the Avenue on Fairmount.

The five-story, 368-unit luxury apartment mid-rise apartment community at 4210 Fairmount St. was sold to Vancouver-based Pure Multi-Family REIT LP, which placed a 12-year fixed-rate loan with Cigna Investments.

The loan proceeds were used to acquire the property. HFF helps secure the financing on behalf of the buyer.

The apartment community sits one block east of the Dallas North Tollway adjacent to the Maple Avenue restaurant row, which includes 18th and Vine and Sprezza.

The property was developed in Sept. 2015 and was ranked as one of the largest apartment communities completed last year.

Written by Candace Carlisle - Dallas Business Journal