BETHESDA, Md., April 7,
2022 /PRNewswire/ -- Walker & Dunlop, Inc.
announced today that it brokered the sale and arranged acquisition
financing for NOAH Apartments, a 224-unit multifamily
property in San Antonio,
Texas.
Walker & Dunlop's Ryan
Epstein, Forrest Bass, and
Matt Pohl represented the buyer and
the seller in the disposition. Financing experts Tom Toland and Matt
Newton arranged attractive acquisition bridge financing on
behalf of the buyer, Pegasus Real Estate, and their equity
partners, Thackeray Partners. The financing features a five-year
term, full-term interest only payments, an attractive low rate, and
a fully funded value-add plan for the borrower to make property
improvements.
"NOAH is a well-located, institutional quality asset in arguably
the best suburban neighborhood in San
Antonio, Alamo Heights,"
Jonas Levy, Managing Partner of
Pegasus, stated. "The attractive going-in yield at the property
coupled with favorable financing and rent growth trends made the
acquisition particularly desirable for Pegasus and our investors.
The property fits well with our strategy of identifying unique,
high-quality assets in desirable locations."
Pegasus' Managing Partner, Justin
Laub, added, "Prior ownership proved out the demand for high
quality updated interior renovations and we think the property is
well-positioned for continued further growth. The acquisition marks
Pegasus' third property in San
Antonio and its tenth acquisition in Texas. We are thrilled to add another
high-quality property to our portfolio and further expand our
presence in the San Antonio
market. Once again, Walker & Dunlop did an exceptional job
making the acquisition and debt financing a smooth process."
"This transaction demonstrates the increasing demand for
multifamily assets in the rapidly growing San Antonio market. The area's fundamentals
are incredibly strong, and Pegasus will continue to add value to
the property via interior and exterior renovations," said Walker
& Dunlop's Tom Toland, Senior
Director of Multifamily Finance. "Walker & Dunlop's ability to
work closely with both the buyer and seller allowed for a
streamlined transaction."
NOAH Apartments is a garden-style apartment community built in
1994. Located in the heart of the desirable Alamo Heights neighborhood, the property is
situated near excellent schools, retail, and nearby attractions,
such as the San Antonio Zoo. Of the property's 224 units, 171 are
updated with new fixtures and finishes. Community amenities include
a fully equipped fitness room, stunning hotel-inspired lobby with
Starbucks Barista machine, resort-style pool with outdoor kitchen,
reserved garages and covered parking, and an outdoor pet park.
Walker & Dunlop is a leader in multifamily property sales,
having completed $19.3 billion in
property sales volume in 2021 alone, up 214% from 2020. Visit our
website for information about multifamily properties available
for sale via Walker & Dunlop's property sales
platform.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest
providers of capital to the commercial real estate industry,
enabling real estate owners and operators to bring their
visions of communities — where Americans live, work, shop and play
— to life. The power of our people, premier brand, and
industry-leading technology make us more insightful and valuable to
our clients, providing an unmatched experience every step of the
way. With over 1,000 employees across every major U.S. market,
Walker & Dunlop has consistently been named one
of Fortune's Great Places to Work® and
is committed to making the commercial real estate industry
more inclusive and diverse while creating meaningful
social, environmental, and economic change in our communities.
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SOURCE Walker & Dunlop, Inc.