Madera Residential Acquires Cirque Tower In Dallas' Victory Park With $62.4 Million Loan From MetLife Commercial Mortgage
2500 N Houston St Dallas, TX 75219, USA
Units
252
Asset Type
MultiFamily
Closing
Jun 14, 2023
AI
The Cirque residential tower in Dallas' Victory Park has been sold to Madera Residential. The luxury rental building is comprised of 252 units and has consistently maintained high occupancy. The property, located at 2500 North Houston Street, is a sought-after multifamily asset in the Dallas market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: Not provided
- Market: Dallas
- Units: 252
- Seller: I&G Direct Real Estate
- Buyer: Madera Residential - Dave Gilles
- Broker: Jones Lang LaSalle
- Lender: MetLife Commercial Mortgage
Madera Residential, led by Dave Gilles, successfully acquired The Cirque residential tower in Dallas' Victory Park. Jones Lang LaSalle represented the buyer in this transaction. The property was financed with a $62.4 million loan provided by MetLife Commercial Mortgage. This deal marks an important addition to Madera Residential's portfolio and showcases their commitment to upscale, luxury rentals in Dallas.
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