December 21, 2020, 1:00PM
Newmark announces the sale and financing of Veridian Place–a 228-unit, three-story asset located at 4849 Haverwood Lane in Dallas, Texas. Newmark Vice Chairman Brian Murphy and Executive Managing Director Brian O’Boyle Jr. represented the seller, Florida-based real estate investment group American Landmark. Financing through Fannie Mae’s Green Rewards Program, on behalf of the buyer–Orion Multifamily Investments, LLC, was secured by Newmark Executive Managing Directors Henry Stimler, Matthew Mense and Bill Weber, along with Vice President Osman Baig.
Constructed in 1984 and renovated in 2016, the garden-style community offers one- and two-bedroom floorplans with oversized closets, hardwood flooring, crown molding features, full-size washer/dryers, private balconies or patios, fireplaces and covered parking. The pet-friendly community includes a clubhouse, a resort-style pool with cabanas, grilling area, a 24-hour fitness center and a dog park.
“Dallas continues to be a leader in the multifamily space–with apartment leasing ahead of Washington, DC, Houston, Atlanta and Denver–and the Far North Dallas submarket features outstanding fundamentals. In the second quarter of 2020, the submarket’s occupancy was 94.9% occupied with 1.5% annual rent growth,” said Murphy. “This property provides the new ownership a strong opportunity for additional added value through tech and Tier II finish upgrades in a winning market.”
The surrounding area boasts strong demographics and a well-educated population. According to Newmark Research, within a 5-mile radius of Veridian Place, average household income is $113,013 and 79.7% of adults over age 25 have at least some college experience up to a graduate/professional degree.
About Newmark (Nasdaq: NMRK)
Newmark Group, Inc., together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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