UC Funds Closes $9.3 Million Loan for Two Multifamily Properties in Dallas, Texas
We are excited to announce the closing of a $9.3 million first mortgage loan for the acquisition and renovation of Luau and Koko Apartments, two multifamily properties totaling 138 units in Dallas, Texas.
The loan will fund significant in-unit upgrades as well as exterior and amenity improvements to drive value. The properties are currently 93 percent occupied and sit in close proximity to Dallas’ booming medical district.
The assets consist of five, two-story buildings, situated one block apart and about 4.5 miles northwest of downtown Dallas.
Luau Apartments is located at 2121 Empire Central Drive and consists of 38 units. Koko Apartments is situated at 2211 Empire Central Drive and holds 100 units. Amenities include on-site laundry, community courtyards, barbeque grilling areas, and a combined 153 parking spaces
Dallas is the third largest city in Texas and ranks ninth in population size nationally. One of the fastest growing cities in the country, it is home to the headquarters of nine Fortune 500 companies including AT&T, Southwest Airlines, Holly Frontier, and Tenet Healthcare.
Luau and Koko Apartments are located near major area demand drivers including West Love Market, a 350-unit multifamily property offering major hospitality and retail, the Dallas Love Field Airport, the 31st busiest airport in the country, and the renowned Southwestern Medical District.
Given the city’s dense population and booming economy, we expect nothing but positive results from this investment. We look forward to a successful final product and lucrative future projects with the Borrower.