February 24, 2020
Ashland Greene Capital Partners LLC shook hands with a California seller for ownership rights to Jordan Creek Apartments, a 240-unit apartment complex in Arlington, TX. The New York buyer snagged the property at 2502 Burney Oaks Ln. as a value-add play.
Taylor Snoddy, James Roberts and Philip Weigand with NorthMarq Capital negotiated the buy between buyer and seller. NorthMarq’s Stephen Whitehead, William Hancock and Lauren Bresky secured a three-year, interest-only acquisition loan for the asset.
“The transaction was a win-win for both buyer and seller,” Roberts said. “Jordan Creek is a great example of a true Class B value add opportunity. The buyer is planning an expansive renovation to the asset to better compete in the submarket. The seller successfully implemented their business plan and is currently in a 1031 exchange.”
The property delivered in 1984, with one and two-unit floor plans. Property amenities include a barbecue/picnic area, swimming pool, sports court, clubhouse and fitness center.
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