Newmark Announces Sale and Financing of 416-Unit Multifamily Asset in DFW Market

Newmark announces the sale and financing of Marbletree Apartments, a 416-unit, garden-style multifamily asset at 4057 North Belt Line Road in Irving, Texas. The property is currently 98% occupied.

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Newmark Senior Managing Director Jakob Andersen and Executive Managing Director Brian O’Boyle, Jr. represented the seller, LumaCorp, Inc., in the transaction to buyer, privately held real estate investment company GoodLife Housing Partners (GoodLife HP). Financing for the purchase was provided by Ready Capital and placed by Newmark Vice Chairman Deverick Jordan, MAI, FRICS and Associate William Hairston.

“This was a cooperative effort, with value added for all parties. The transaction was executed in a timely manner and facilitated a 1031 exchange for the seller; the buyer is able to expand their footprint in the Dallas-Fort Worth market,” said Brian. “Additionally, the transaction demonstrated the health of the debt capital markets,” added Deverick.

“Our objective as the lender was to provide the sponsor with an optimal loan structure to match their business plan. We were able to meet their timeline with certainty of execution through our upfront process,” said David Cohen, Managing Director of Ready Capital.

Built in 1982 and having never undergone renovations, the property is well-positioned for capital improvements, including updated unit interiors and improved property amenities, which is in-line with the Buyer’s value-add investment strategy.

The property is located less than two miles from Dallas-Fort Worth International Airport and has direct access to Interstates 161 and 183, providing residents a convenient 20‐minute drive to Dallas Love Field Airport, Downtown Dallas and Downtown Arlington, and a 30‐minute drive to Downtown Fort Worth. There are 185,227 jobs within a five‐mile radius of Marbletree Apartments and several new major employment hubs are under development nearby, including Las Colinas Urban Center (26,000+ employees), American Airlines headquarters (11,000+ employees) and Cypress Waters (17000+ employees).

According to Newmark Research, despite the impact of COVID‐19, annual rent growth for 1980s vintage multifamily assets in the Irving submarket remained positive at 2.4%. In the past five years, the average annual rent growth has been 4.2% and the average occupancy rate has been 95.2%, reflecting the strength of the submarket.

About Ready Capital
Ready Capital (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small- to medium-sized balance commercial loans. Our National Bridge Originations Team offers nonrecourse financing on transitional, value-add and event-driven commercial and multifamily real estate opportunities. Ready Capital is a direct lender that provides comprehensive financing solutions to real estate owners, investors and small business owners, which generally range in original principal amounts between $2 – $45 million and larger for select assets and portfolios. For more information, contact David A. Cohen, National Bridge Originations Managing Director for Ready Capital at

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit or follow @newmark.

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