Updated Dec 4, 2024
James Roberts Of Brazos Residential Acquires 248-Unit Multifamily Complex In Sherman
4919 Timberview Drive
Units
248
Asset Type
MultiFamily
Closing
Apr 2, 2024
About this deal
AI
The property involved in the transaction is Hilltop Village, a 248-unit affordable housing complex located at 4919 Timberview Drive in Sherman, Texas. Built in 1969, the property offers one-, two-, and three-bedroom units tailored for households earning 80 percent or less of the area median income. The buyer, James Roberts of Brazos Residential, plans to invest $11 million in renovations for the complex.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: Undisclosed
- Units: 248
- Market: Sherman
Global Real Estate Advisors (GREA), a nationwide multifamily brokerage, facilitated the sale of Hilltop Village. Mark Allen, representing GREA, led the deal with the seller remaining undisclosed.
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MultiFamily
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Sherman MultiFamily Market Snapshot
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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