Marlin Spring has completed the sale of Centreport Lake, a 452-unit multifamily community in Fort Worth. The garden-style property is located at 14301 Center Station Drive and occupies a 24-acre site. Built in 2008, the community offers relatively large floor plans for renters, with an average unit size of 946 square feet. At the time of the transaction, Centreport Lake was reported to be 91% occupied, indicating a stabilized tenancy profile.
The buyer, whose identity was not disclosed, is positioning the acquisition as a value-add investment. According to information released with the sale, the business plan is expected to focus on a substantial interior renovation program. With the property already demonstrating strong occupancy, the investment thesis centers on upgrading the existing unit interiors to capture additional rent growth rather than on a lease-up strategy. No sale price or other financial terms were provided.
Newmark Multifamily Capital Markets advised on the disposition of the property. A Newmark team consisting of Richard Furr, Brian Murphy and Brian O’Boyle, Jr. represented Marlin Spring US Realty in marketing the asset and negotiating the sale. Their mandate covered positioning the 2008-vintage, institutional-scale community to prospective buyers as a value-add opportunity supported by in-place occupancy and unit size fundamentals.
On the buy side, acquisition financing and equity capitalization were arranged for the purchaser, though specific capital providers were not named. Henry Stimler and Ricky Warner coordinated the capital stack, assembling both debt and equity components required to close the transaction. The structure reportedly attracted interest from a range of capital sources, including multiple joint-venture equity partners.
Warner noted that the capital structure and execution for Centreport Lake aligned with what capital providers are currently favoring in the market. He indicated that the deal featured an attractive entry basis for the buyer, a clear value-add renovation plan and experienced sponsorship. These elements, taken together, helped generate a highly competitive environment among both lenders and equity investors as the offering was brought to market.
As marketing progressed, leverage levels on the acquisition financing were reported to have increased, while pricing on the capital improved. Alongside that, there was strong institutional interest from several potential joint-venture equity partners, underscoring the appeal of stabilized, value-add multifamily product in the Fort Worth area. Even in a more selective capital markets environment, Centreport Lake demonstrates that well-located, scale multifamily communities with defined renovation strategies can still draw meaningful competition from both debt and equity capital.
