A luxury Class A apartment complex, The Mark at Weatherford, has been acquired by Darwin German at a discounted price. According to Multifamily Dive, the buyer revealed that they purchased the 355-unit property for $70 million, significantly lower than its January 2022 valuation of $110 million.
Built in 2021 and currently boasting a high occupancy rate of 94%, The Mark at Weatherford is situated on an expansive 11.5-acre plot adjacent to Weatherford College. It offers a variety of one-, two-, and three-bedroom floor plans with top-notch amenities such as community picnic areas, a resort-style pool, business center, and fitness center. In addition to these features already in place, Darwin German plans to enhance the property further by adding pickleball courts and upgrading landscaping.
To finance this deal worth over $55 million total cost including preferred equity from Tryperion Holdings amounting up-to-$18-million & Fannie Mae senior loan from Walker & Dunlop totaling up-to-$37-85-million; Nova Capital secured financing through various sources.
The article “Weatherford Rental Property Bought at Discount” was originally published on Connect CRE’s website.
