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700 Sowell Lane

Updated Dec 4, 2024

John Hamilton Of Marcus & Millichap Facilitates Sale Of Texarkana Multifamily Properties For $23M
SOLDMultiFamily

John Hamilton Of Marcus & Millichap Facilitates Sale Of Texarkana Multifamily Properties For $23M

700 Sowell Lane & 5201 Summerhill Road

$23,000,000

Units

360

Asset Type

MultiFamily

Closing

Feb 26, 2024

About this deal

AI

The multifamily property located at 700 Sowell Lane & 5201 Summerhill Road in Texarkana was sold for $23,000,000. The property consists of a total of 360 units, translating to a price per unit of $63,889. The buyers, Louis Reynolds of Reynolds Assets Management and Jeff Juster of Newport Capital Advisors, made their first acquisition in Texas with this purchase. The deal was facilitated by broker John Hamilton of Marcus & Millichap. The mortgage brokers involved in the transaction were Allan Edelson and Joe Tarantino of Walker & Dunlop. The properties, Westridge Apartments and Park at Summerhill, are set to undergo a $3 million renovation. Texarkana's growing population and increasing income levels contributed to making it an appealing investment location.

Summary of transaction details:

The collaboration between Louis Reynolds of Reynolds Assets Management and Jeff Juster of Newport Capital Advisors marked their entry into the Texas market with the purchase of two multifamily properties in Texarkana. The inclusion of mortgage brokers Allan Edelson and Joe Tarantino from Walker & Dunlop helped facilitate the transaction smoothly. This deal showcases the strategic decision-making by all parties involved in seizing the opportunity presented by the thriving real estate market in the area.

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$23,000,000

MultiFamily

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Players

Allan Edelson

Walker & Dunlop

Broker

$1.4B

vol

7 deals

Broker
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Texarkana MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $63.9K per unit across 360 units on a published $23M (2024).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.69%

Cash-on-Cash

-0.20%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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