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Darwin German Real Estate Acquires 255-Unit TX Multifamily Asset

3/25/20

Darwin German Real Estate purchased Gold Creek Apartments, a 255-unit, Class A multifamily property in Dallas, TX. The deal was funded with $27.4 mil in debt and equity financing arranged by LA-based Nova Capital.

Built in 2016, Gold Creek Apartments sits on roughly 11.7 acres at 704 Dale Lane in White Settlement, TX. The gated apartment community offers a mix of one- and two-bedroom floor plans with a host of modern amenities, including collaborative BBQ/picnic areas, a business center, dog park, fitness area, and sundeck.

The property was 97% occupied at time of sale. Darwin German plans to implement minor upgrades to further enhance the property’s interior and exterior.

Nova Capital’s Steven Yazdani arranged the financing, which consists of a $21.4 mil senior loan and $6 mil in equity. Nova sourced the senior loan from one of the largest Freddie Mac DUS lenders in the U.S.; the equity was provided by an internally managed real estate investment trust.

“As specialists in the Dallas/Fort Worth Metroplex since 1991 and owners of more than 2,100 units in the region, our team immediately recognized the value in acquiring this well-located, stabilized asset on behalf of our investors,” says Darwin German, President of Darwin German Real Estate. “Driven by robust fundamentals, the DFW region is already home to three of the 10 largest U.S. companies (Exxon, AT&T, and McKesson), while major tech firms such as Uber and Salesforce are continually increasing their investments in the area. This corporate growth, coupled with the high quality of life here in Dallas has made Texas – and specifically North Texas – one of the most popular destinations for interstate moves in the country.”




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