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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Greg Smith
Senior Managing Director
817.313.7081
greg.smith@berkadia.com
Paul Harris
Senior Managing Director
972.764.8490
paul.harris@berkadia.com
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5960 Berkshire Lane, Suite 1000
Dallas, TX 75225
214.346.0200
DALLAS
Caleb Jones
Senior Director
201.952.1785
caleb.jones@berkadia.com
John Koeijmans
Senior Managing Director
214.455.6483
john.koeijmans@berkadia.com
14255 Preston Rd, Dallas, TX 75254
240 Units | Built 1985
Thad Wetterau
Senior Director
972.754.5420
thad.wetterau@berkadia.com
Eric Calub
Senior Director
972.567.3560
eric.calub@berkadia.com
Jay Gunn
Managing Director
214.679.7100
jay.gunn@berkadia.com
Tom Burns
Managing Director
469.369.9400
tom.burns@berkadia.com
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14255 Preston Rd, Dallas, TX 75254
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Investment Highlights
Below Market Existing Assumable FNMA Loan with Almost 10 Year Term Remaining
Well Maintained Property with Long Term Ownership
Major Employment Centers
Diminishing Pipeline Provides Headroom
Creekview offers a very attractive, below market assumable loan. The loan has an outstanding balance of $17,785,000 with nearly 5 years IO remaining at 4.44% interest. This provides a significant opportunity to obtain well above the current market returns. All these attributes suggest the opportunity for superior returns with limited downside risk.
Ownership has demonstrated a commitment to providing a high-quality living environment for residents. Over the course of 20+ years, they have implemented a proactive approach to maintenance, conducting regular inspections and addressing any issues promptly. Additionally, the owner has invested in both the interior and exterior spaces and modernizing amenities. This level of professionalism has contributed to the sustained value and desirability of the apartment complex.
Creekview is well-located between several major employment centers, which are within a fifteen minute drive.
Richardson Telecom Corridor is one of the tope three, largest daytime employment centers in Dallas/Fort Worth, with over 50,000 employees.
CityLine includes notable employers such as State Farm Insurance, Raytheon, and Cisco Systems. The Richardson Innovation Quarter houses over 130,000 jobs with 5,700 overall companies.
Legacy West totals 2,665 acres with 33 million square feet of office space, including major employers such as Toyota North America and Toyota Financial Corporate Headquarters, Liberty Mutual Insurance Company, PepsiCo-Frito-Lay North America, FedEx Office Corporate Headquarters, Ericsson, Capital One Finance, JPMorgan Chase and Bank of America.
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As land is very scarce in North Dallas, barriers to entry are high. There has been a substantial decline in new development as compared to previous cycles. Additionally, as soaring land costs have pushed future development to the highest end. After repositioning the property through a significant renovation, Creekview will be well-positioned between the much higher rent levels of recent deliveries and lower rent levels of older Class B properties.
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Jason Rice
Managing Director
214.360.3811
jason.rice@berkadia.com
Nathan STone
Managing Director
214.394.3444
nathan.stone@berkadia.com
Eli Gershenson
Managing Director
214.360.3814
eli.gershenson@berkadia.com
Chris Pollard
Managing Director
214.360.3839
chris.pollard@berkadia.com
John Koeijmans
Senior Managing Director
214.455.6483
john.koeijmans@berkadia.com