Northmarq’s arranges sale and financing of Candlelight Park Apartments in Duncanville, Texas

DALLAS, TEXAS (April 20, 2023) — Taylor Snoddy, Eric Stockley, Philip Wiegand and Charles Hubbard of Northmarq’s Dallas investment sales office, secured the sale of Candlelight Park Apartments. The apartment community consists of 128 units located at 1402 and 1407 Acton Avenue in Duncanville, Texas. Northmarq represented the seller.

“Candlelight Park presented a compelling value proposition to new buyers, given the interior value-add opportunities at the community and a unit mix that featured over 60 percent two- and three-bedroom floorplans, catering to a family-oriented tenant base,” said Stockley. “The workforce housing segment along the IH-20 corridor has benefited most from the prolific industrial development boom in this submarket, creating well-paying employment opportunities from multinational organizations such as L’Oréal, BMW, Amazon, Quaker Oats, and others. This submarket had the most industrial sq. ft. under development in the metroplex, which will continue to fuel job growth into the future for this property and submarket.” 

Kevin Leamy, senior vice president of Northmarq’s Dallas office finalized the permanent-fixed loan for the multifamily property. The acquisition loan was structured on a seven-year partial interest-only term with a flexible prepayment structure. Northmarq arranged the financing for the borrower through Freddie Mac. 

“Northmarq advised the client to index lock during a time when the treasuries were falling which enabled them to not only lock in at a lower coupon, but also take rate risk off the table. In addition, the client utilized a rate buy down to further lower the interest rate burden,” said Leamy.

Despite a slow in multifamily sales velocity in the Dallas-Fort Worth area, employers in the area continue to expand, supporting renter demand according to Northmarq’s Dallas-Fort Worth Q4 Multifamily Market Report. Residents of Candlelight Park Apartments will benefit from this expansion, with a short commute to major employers such as American Airlines, Baylor Scott & White, and Bank of America.

Built in 1980, Candlelight Park Apartments lies less than 13 miles southwest of Dallas in the suburb of Duncanville, a short drive from the city and popular outdoor destinations, including Cedar Hill State Park and Mountain Creek Lake. Residents benefit from a comfortable community with convenient access to Interstate 45, shopping, fine dining, and plenty of entertainment. The property offers one-, two-, and three-bedroom apartment homes ranging from 688 to 1,078 sq. ft. Candlelight Park Apartments provides in-unit washer and dryers, storage units, and walk-in closets, as well as laundry facilities, a playground, and an on-site property manager.