452-Unit Value-Add Multifamily Community Trades in FW
Marlin Spring sold Centreport Lake, a 452-unit multifamily community in Fort Worth. Located at 14301 Center Station Drive, Centreport Lake was constructed in 2008 on a 24-acre site, with an average unit size of 946 square feet. At the time of sale, the community was 91% occupied and offered a value-add investment opportunity through a substantial interior renovation.
Newmark Multifamily Capital Markets Richard Furr, Brian Murphy and Brian O’Boyle, Jr. represented Marlin Spring US Realty. Henry Stimler and Ricky Warner arranged acquisition financing and equity capitalization for the buyer.
“Centreport Lake exemplifies the type of capital stack and execution the market is rewarding today,” said Warner. “The deal combined an attractive basis, strong value-add fundamentals and experienced sponsorship, which drove a highly competitive process across both debt and equity capital sources. We ultimately saw leverage increase, pricing improve meaningfully during marketing and strong institutional interest from multiple JV equity partners.”
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Merchants Bank Retains CBRE to Market Fee Interest in Midtown Residential Property
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LogosFaith Development Expands into San Diego Market
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout