Northmarq completes sale of luxury build-to-rent community in Grand Prairie, TX
DALLAS (Oct. 31, 2024) — Northmarq’s Phoenix Investment Sales team of Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca collaborated with the firm’s Dallas team of Taylor Snoddy, Eric Stockley and Charles Hubbard to successfully broker the sale of Yardly Dechman, a 142-unit build-to-rent community. Built in 2023, the luxury gated community is located in Grand Prairie, Texas which has experienced unprecedented and sustained demographic tailwinds, fueling robust demand for multifamily housing.
Northmarq represented the seller, a well-known national home builder Taylor Morrison. The property represents one of almost two dozen communities currently under construction by Taylor Morrison’s Yardly for-rent brand.
“We are excited to have completed the sourcing, constructing and lease-up life cycle for our first Yardly community which showcases our ever popular ‘lower-density’ multifamily format including individual yards for each home,” said Yardly President Darin Rowe. “With many more Yardly communities underway across Sun Belt markets, we were happy to see a high degree of interest by potential acquirers and chose a proven buyer with the aid of trusted broker partner Northmarq.”
Located at 3950 Dechman Drive, Yardly Dechman features top-of-the-market interiors with advanced smart home technology and a resort-inspired amenity package. Residents enjoy immediate access to Interstate 20, which accommodates over 190,000 vehicles per day and serves as the main east-west transportation provider in the area. The build-to-rent community boasts a highly accessible location to entertainment and employment hubs including Grand Prairie Premium Outlets, Lockheed Martin, Mountain Creek Business Park and more.
“Northmarq is pleased to further strengthen our valued relationship with Taylor Morrison, by successfully completing the sale of Yardly Dechman,” said Stockley. “We secured an all-cash buyer who closed within 41 days, amidst multiple competing offers. This swift transaction highlights the outstanding quality Taylor Morrison consistently delivers across the Sunbelt, as well as the strong performance of the Yardly Dechman community.”
The luxury build-to-rent property features a swimming pool, lighted pickleball court, community dog park, 149 covered parking spaces, 40 detached enclosed garages and more. In-unit amenities include 10-foot ceilings, quartz countertops, pendant and recessed lighting, hard surface plank flooring, stainless steel appliances, kitchen island, full-size washer and dryer, keyless entry and smart thermostat, walk-in closets and importantly, private enclosed backyards for each home, which is a key differentiator from traditional multifamily apartments and the inspiration for the Yardly brand name.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.
