Northmarq’s Dallas office arranges sale and financing of 267-unit multifamily community in Irving, TX

DALLAS (Nov. 17, 2023) — Northmarq’s Dallas Multifamily Investment Sales team led by Taylor Snoddy, Charles Hubbard and Eric Stockley have successfully completed the sale of Tides at Valley Ranch, a 267-unit multifamily property, formerly known as The Summit by Norstar. Built in 1998, the community features 19 three-story buildings located at 621 Cowboys Pkwy in Irving, Texas. Northmarq represented the seller, Tides Equities LLC. The buyer was Ashland Greene Capital Partners. “Congratulations to our buyer and seller on one of the most notable transactions of 4Q23 in Dallas,” said Snoddy. “Northmarq was also able to capitalize the debt and equity for the buyer in an environment that featured over 100 basis points in rate movement and a 10Y treasury that eclipsed 5% for the first time since 2007. The property’s exceptional location and quality of product gave the buyer confidence in the long-term viability of the deal.” Northmarq’s Dallas Debt + Equity team of Kevin Leamy, Lauren Bresky and Joel Heikenfeld arranged the debt and preferred equity. “Northmarq is pleased to have closed another acquisition in today’s market with one of our local, repeat clients,” said Leamy. “Despite a volatile period, Northmarq secured a fixed rate agency loan and an institutional equity partner for the acquisition. The transaction highlights that there is still accretive capital in the market for qualified sponsors buying well-located assets.” Situated in the heart of the Dallas-Fort Worth-Arlington MSA, Tides at Valley Ranch offers close proximity to exceptional dining, shopping, Coppell ISD, entertainment and the DFW International Airport. Residents enjoy a short commute to work and the Dallas-Fort Worth Metroplex with immediate access to local highways and interstates and a serene suburban environment near neighborhood parks and several daycare centers. The pet-friendly community features spacious one-, two- and three-bedroom apartment homes with premium amenities, such as assigned parking, stainless steel appliances and in-unit washer and dryers. Apartment amenities include: Quartz countertops, wood-style flooring, upgraded lighting, contemporary finishes, spacious closets, ceiling fans and attached and detached garages. Community amenities include: Fitness center, clubhouse, swimming pool, LED lighting, business center, beautiful landscaping, picnic area with barbecue, high-speed internet access, assigned parking, guest parking and on-site maintenance.