Paladin Preferred Capital Continues Dallas Expansion
- Oct 01, 2015
An affiliate of BRC Advisors, Paladin used the Realty Mogul crowdfunding platform to finance a portion of the $6.2 million deal. The property has an FNMA assumption at 4.28 percent with nine years remaining.
Villa France Apartments is a 134-unit community located at 1831 W Pioneer Parkway, between Dallas and Fort Worth. Just south of I-183 and the master planned community of Las Colinas, the area has many advantages, as Ken Chong, director of capital markets for Paladin, pointed out in prepared remarks: “In addition to the 2,000 companies located in Las Colinas, many of which are Fortune 500 headquarters and regional offices, Villa France is within a five-mile radius of numerous centers of employment that include the Irving Mall, Baylor Medical Center – Irving, DFW International Airport and the Irving Convention Center.”
The community comprises one- to three-bedroom affordable apartments, 35 percent of which have been upgraded. In order to optimize rental rates, the sponsor now plans to renovate the remaining 87 units. Amenities include a playground area, swimming pool, and community barbecues. The property manager is Dallas-based City Gate Group.
“This investment adds to our portfolio of stable, cash-flowing properties, well located in solid working class neighborhoods. Villa France Apartments is well suited to our overall strategy of purchasing properties in strong economic settings with below market rents and upside potential without requiring major repositioning or capital expenditures,” added Paladin President George Lintz.
Image courtesy of City Gate Group