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3/28/23
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KeyCity Capital has acquired Villa Gardens, a 142-unit multifamily property in Farmers Branch, TX. The price was not given out.
Villa Gardens is a pet-friendly community located at 2730 Fyke Rd, just east of the I-35 Express Road. The complex offers a mix of studio, one-, two- and three-bedroom apartment homes. Amenities feature an all-electric kitchen, central air and heating, a dishwasher, and a refrigerator. Select floor plans include a balcony or patio, a breakfast bar, ceiling fans, covered parking, hardwood floors, a pantry, walk-in closets, and a wood-burning fireplace.
The city of Farmers Branch encompasses approximately 12 square miles and is conveniently located on Dallas’ northern border. It lies in the heart of an 11-county area in North Texas that has emerged as a premier commercial, financial, and trading center. Although the residential population has recently been estimated at nearly 41,000 residents, Farmers Branch serves a daytime population of more than 66,000 people. The city's broadly diversified economic base supports home furnishings, financial, high-tech, insurance, and telecommunications industries and includes many of the nation's foremost businesses.
Doug Banerjee, Jack Stone, Andrew Mueller and Sterling Warren with Greysteel negotiated the transaction on behalf of both the buyer and the seller. KeyCity Capital was able to assume an attractive Fannie Mae loan with over five years remaining at a fixed rate below 4%. The firm plans to renovate units as they turn and continue cash flowing the historically highly occupied property.
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