Published: February 17, 2023

CBRE Lends On 3 Texas Apartments

CBRE originated three Fannie Mae loans totaling $83.3 million to refinance apartment complexes near Fort Worth, Texas.

The fixed-rate loans are interest-only and run for 10 years.  The borrower is Olympus Property of Fort Worth, which acquired the properties in 2017 via a joint venture with Artemis Real Estate Partners of Chevy Chase, Md.  After the refinancing, Artemis no longer owns a stake in the 679-unit portfolio, which is valued at roughly $150 million.

The properties are within 2 miles of each other in Keller, 14 miles north of downtown Fort Worth.

Two of the loans closed last month: a $34.8 million mortgage on the 276-unit Olympus town Center, at 1300 Keller Parkway, and a $23.3 million loan on the 216-unit Olympus Stone Glen, at 300 Bourland Road.  A $25.2 million loan on the 187-unit Olympus Waterford, at 400 Bourland Road, closed in December.

Olympus and Artemis purchased the properties from Stoneleigh Cos. of Barrington, Ill., which had acquired the 2002-vintage Olympus Town Center and 2001-vintage Olympus Stone Glen complexes in 2013. In the same deal, Stoneleigh acquired the land to build Olympus Waterford, completed in 2015.

The apartment complexes have one- to three-bedroom units.  Rents at the older properties start at $1,500, and at $1,600 for Olympus Waterford.  Each property has a pool, fitness center and a picnic area.