“This deal was unusual in that we needed to deliver firm committee approval in less than three weeks due to the borrower's tight timeline imposed by the seller,” says Ted Nasca, managing director at Hunt Real Estate Capital. “Once we received approval, we were then in a position to fund within four weeks of receiving the signed application.”

Project amenities include three swimming pools, a clubhouse with a resident lounge, leasing office, fitness center, gated access, laundry facilities, playgrounds, dog parks, and grilling and picnic areas. The property also features an after‐school program.

“We were pleased to partner with this repeat Hunt Real Estate Capital client on this quality value-add property and happy it came together so well despite the timing issues that needed to be accommodated,” Nasca tells GlobeSt.com.

During the trailing 12 months ending in June, rental demand reached one of the highest levels in the past five years as a net 20,000 units were leased in DFW, according to a recent report by Marcus & Millichap. Record absorption has been met with a robust construction cycle as developers continue to target portions of the market for projects.

While pockets of the metroplex are receiving significant additions to stock resulting in some softening in vacancy, others have realized minimal supply increases. A combined 1,200 units have been delivered in the Northwest Dallas, Southwest Dallas and South Irving submarkets since 2013. These areas are located west of downtown Dallas and near other major pockets of growth and employment. Boasting some of the lowest vacancy rates at below 4%, these submarkets also have monthly rents $180 to $240 below the metroplex average, leaving room for above-average growth.

During 2018, deliveries remain more than double the historical average for a second consecutive year. While these units are largely in select north Dallas submarkets, steady job and wage growth throughout the metroplex promote a healthy pace of household formation. The number of residents seeking housing in the metroplex continues to rise this year as approximately 60,000 new households are created. A large share will funnel into apartments, helping keep the overall vacancy rate 110 basis points below the previous 15-year average, says Marcus & Millichap.

With this acquisition, Concord Capital Partners now owns more than 2,000 units in the Dallas metroplex and its current portfolio is valued in excess of $1 billion.