Cortland Acquires 230-Unit Multifamily Tower In Dallas From MetLife For $57.4M
1900 Mckinney Avenue
Building Size
—
Asset Type
MultiFamily
Closing
Jan 4, 2024
AI
Cortland Partners LLC has acquired the 26-story apartment tower located at 1900 McKinney Ave in Dallas. After the acquisition, the property has been rebranded as Cortland on McKinney. The multifamily asset is comprised of 230 units and features attractive amenities such as a rooftop pool and fitness center. The property was sold by an affiliate of MetLife Real Estate Investors.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: Not specified
- Address: 1900 McKinney Ave
- Market: McKinney
The buyer of the property is Steven DeFrancis, representing Cortland Partners LLC. On the other hand, the seller is John D. McCallion, representing MetLife Real Estate Investors. The lender involved in the transaction is KCore Lending I LP, providing a loan worth $57.4 million for the acquisition.
Players
Dallas MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93