$15 Million Multifamily Acquisition in Dallas
By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions
A $15 million multifamily acquisition in Dallas represents a solid mid-market entry point for experienced operators seeking stabilized or value-add opportunities in one of the nation's fastest-growing metro areas. Dallas's persistent population growth, favorable tax environment, and robust job creation make apartment acquisitions in the $10 million to $25 million range attractive to both regional and national sponsors. At this size, borrowers typically command agency DUS pricing in the 5.85 to 6.15 percent range, with leverage capacity of 65 to 75 percent LTV depending on property performance and sponsor strength. Most $15 million multifamily acquisitions in Dallas close within 60 to 90 days, provided underwriting and property condition are sound.
Get a Quote on Your $15M Deal →What a $15M Multifamily Acquisition Capital Stack Looks Like
Capital stack strategy for a $15 million Dallas multifamily acquisition is almost entirely driven by agency DUS execution, where either a government-sponsored enterprise or an approved seller/servicer delivers agency pricing and terms. Life companies and balance sheet lenders compete on the margin but rarely win the primary slot unless leverage requirements exceed agency comfort or sponsor credit presents complications. The deciding factor typically comes down to leverage ambition, timeline pressure, and whether the borrower qualifies for delegated underwriting authority programs that accelerate close.
Pricing reflects active CLS CRE quote pipeline as of April 2026. Specific deal pricing depends on sponsor, property, and structure.
Who Closes a $15M Multifamily Acquisition Deal
Typical sponsors closing $15 million multifamily acquisitions in Dallas carry $30 million to $150 million in net worth, have closed at least 3 to 5 prior apartment transactions, and bring either regional or national platform credibility. Motivation splits between value-add acquisitions (typically 15 to 30 percent below market rent) and stabilized portfolio consolidation, with refinance activity concentrated among sponsors who acquired at higher leverage 12 to 24 months prior. Most borrowers are structured as DST or LLC entities with personal guarantees from principals holding 20+ percent equity, and rely on CPA-prepared tax returns and bank statements as primary credit documentation.
A Real $15M Example
A sponsor acquired a 185-unit garden-style community in a secondary Dallas submarket for $14.2 million (approximately $76,700 per unit), with an initial 65 percent occupancy and below-market rents. A government-sponsored enterprise DUS lender provided $10.65 million at 5.95 percent, 10-year fixed with 3-year interest-only period, generating a 1.18 DSCR at stabilization. The sponsor funded $3.55 million equity, implemented a 18-month capital improvement and rent push initiative, and achieved 94 percent occupancy and market-rate rents within 24 months. Cash-on-cash returns reached 12 to 14 percent in years 2 and 3, and the sponsor successfully refinanced the original loan at 5.70 percent once stabilization metrics were demonstrated.
Anonymized. All deal references protect borrower and lender identity.
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