Devonshire Lake Dallas: 140-Unit Class A Multifamily, Lake Dallas, TX
A 2015-built, 140-unit garden-style community in the Dallas–Fort Worth metroplex, bought with the existing fixed-rate HUD loan already in place. Open to verified accredited investors. The sponsor has confirmed a November 17 closing date. Closing dates can change.
Existing loan assumed with the purchase, subject to HUD approval. Loan terms are from the operator's materials. Fixed-rate debt removes interest-rate risk on the loan, not other risks.
The Property
Location
Lake Dallas, Texas (Denton County), along I-35E between Denton and Lewisville, within the Dallas–Fort Worth metroplex.
Basis
$22.0 million purchase price: about $157,142 per unit and $152 per sq ft. Class A garden-style construction.
29-year term · amortizing · ~65% loan-to-cost
Fixed-rate debt already in place
The purchase assumes the property's existing HUD loan at a 3.18% fixed rate on a 29-year, amortizing term. Because the rate is fixed, the loan payment does not rise with market interest rates, and there is no floating-rate cap to buy or renew.
That removes interest-rate risk on the loan. It does not remove other risks: rents, occupancy, expenses and sale prices can still move against the plan, and HUD approvals, prepayment terms and loan covenants can limit flexibility at sale or refinance.
The loan assumption is subject to HUD approval. Loan terms are from the operator's materials and have not been independently audited by Omega.
What Stood Out in Our Review
Fixed-rate debt
An existing 3.18% fixed-rate, amortizing HUD loan (assumption subject to HUD approval). Fixed-rate debt removes interest-rate risk on the loan during the hold, though it doesn't remove other risks.
A defined improvement plan
About $1.8 million of planned capital improvements (roughly $1.03 million for unit interiors and $771,000 for exterior and amenities), with the operator targeting rent increases on renovated units. Planned work and rent increases may not be achieved.
Property-tax abatement
According to the operator, 28 of the 140 units are rent- and income-restricted under a land-use restriction agreement that provides a property-tax abatement through 2045.
The Operator: Momentum Multifamily
Momentum Multifamily, led by Dustin Miles and Hayden Harrington, sponsors and operates the property. The operator's general partners are investing their own capital in the deal. Details on the operator's track record are in the offering materials.
How the Investment Is Structured
Omega investors invest in an Omega feeder vehicle. The feeder invests as a limited partner in Momentum Multifamily's Devonshire Lake Dallas offering, which owns the property. Both the Omega feeder and Momentum's offering are Rule 506(c) offerings.
Summary of Terms
| Minimum investment | $100,000 |
|---|---|
| Minimum raise | $500,000; if not reached, subscriptions are returned |
| Target hold | About 5 years (target, not guaranteed); the documents permit extension to 8 years |
| Distributions | Monthly from available cash flow, targeted to begin 1–3 months after closing; not guaranteed |
| Preferred return | 7% annualized preferred return. Monthly cash flow is applied first to the accrued preferred return; on a sale or refinance, 100% goes to investors until their capital and the accrued 7% preferred return are paid |
| Split after the preferred return | 80% investors / 20% Omega on commitments of $100,000–$999,999; 90% / 10% on commitments of $1,000,000 or more |
| Omega fee | 2.0% of capital committed, one-time due-diligence fee paid up front; no annual management fee, refinance fee, or disposition fee at the Omega level |
| Operator fees | Charged at the operator level as described in Momentum's offering documents (e.g., acquisition and asset-management fees) |
| Liquidity | No redemptions; expect to hold for the full term |
This is a summary. The Private Placement Memorandum and subscription documents govern and control over anything on this page.
Projected Investor Returns (Not Guaranteed)
These projections start from Momentum's own Class A projection and apply Omega's fee and profit split. They are estimates, not promises.
| Position | Minimum | Projected multiple | Projected IRR |
|---|---|---|---|
| Through Omega, 80/20 tier | $100,000 | ~1.97x | ~15.8% |
| Through Omega, 90/10 tier | $1,000,000 | ~2.04x | ~16.7% |
| Momentum Class A (what the Omega feeder holds), before Omega's fee and split | $500,000 | 2.16x | ~18.4% |
Projections are from the Omega investor deck (Aug 2026) and were calculated using an 8% preferred return. The current preferred return is 7%, so actual results may differ. Projections are not guaranteed.
See How the Terms Apply to Your Amount
Enter an amount to see the fee, the 7% preferred-return hurdle, your profit-split tier, and what the projected multiple would mean in dollars.
Minimum investment is $100,000. Commitments of $1,000,000 or more qualify for the 90/10 split.
How it works: illustrative distributions = your amount × the projected multiple for your tier (~1.97x below $1,000,000; ~2.04x at $1,000,000 or more). The hurdle is your amount × 7% per year, shown for scale only; how the preferred return accrues is set by the PPM. The fee is your amount × 2.0%. Annual cash flow = your amount × the sponsor's projected Class A cash-on-cash for each year; it is shown before Omega's fee and split, which can reduce what reaches you. Projections come from the operator's projection and Omega's fund terms and are not guaranteed. You could lose money.
Request Offering Materials
Offering materials are provided to accredited investors. Email us or book a call, and we'll follow up to begin accredited-investor verification.
Key risks
Every private real estate investment carries risk. Among them:
- Loss of capital: you could lose some or all of your investment.
- Illiquidity: there is no public market for these interests, and you should expect to hold for the full term.
- Market and operating risk: rents, occupancy, expenses, and property values can move against the plan.
- Leverage and interest-rate risk: debt magnifies losses as well as gains; refinancing and sale conditions can change.
- Sponsor and operator risk: results depend on the people executing the business plan.
- Fees: fees at each layer reduce what investors receive (in a fund-of-funds structure, there are fees at both the Omega level and the underlying sponsor level).
- Tax risk: tax outcomes depend on your situation and on law that can change. Retirement-account investors may owe tax on certain income (UBTI).
- Value-add risk: renovations may cost more or take longer, and rent increases may not be achieved.
- Concentration: one property in one metro area.
- Rent- and income-restricted units: 28 units carry affordability requirements that limit rents and require compliance.
- Assumed HUD loan: lender approvals, prepayment terms, and loan covenants may limit flexibility at refinance or sale.
- Two layers of fees (Omega feeder and operator).
- Dependence on the operator: Omega does not control day-to-day property operations.
Read the risk factors in the offering documents before investing.
Property, loan and operator figures above are from the operator's materials and have not been independently audited by Omega. Rule 506(c) offering: accredited investors only. Not an offer to sell securities; offers are made only through the offering documents.
Frequently asked questions
What is Devonshire Lake Dallas?
A 140-unit Class A garden-style apartment community built in 2015 in Lake Dallas, Texas, in the Dallas–Fort Worth area.
What is the HUD loan?
The purchase assumes the property's existing HUD loan: a 3.18% fixed interest rate on a 29-year, amortizing term, at roughly 65% of total cost, according to the operator's materials. The assumption is subject to HUD approval. Fixed-rate debt removes interest-rate risk on the loan; it does not remove other risks, and HUD prepayment terms and covenants can limit flexibility at sale or refinance.
Who operates the property?
Momentum Multifamily, led by Dustin Miles and Hayden Harrington. Omega invests through an Omega feeder vehicle in Momentum's offering.
Who can invest?
It is a Rule 506(c) offering, open only to accredited investors whose status is verified before they invest.
When will the offering close?
The sponsor has confirmed a November 17, 2026 closing date. Closing dates can change, and the loan assumption is subject to HUD approval.
What is the preferred return?
A 7% annualized preferred return. Omega takes no share of profit until investors receive their capital back plus the 7% preferred return. It is a hurdle, not a promised payment, and the Private Placement Memorandum sets how it accrues.
Are the projected returns guaranteed?
No. The projected multiples and IRRs shown are estimates derived from the operator's own projection and Omega's fund terms. They depend on assumptions that may not hold, and actual results will differ. You could lose money. The Private Placement Memorandum governs.
Where are the full terms and risks?
In the Private Placement Memorandum and subscription documents, which govern. This page is only a summary, and planned improvements and rent increases may not be achieved. Numbers are not guaranteed. Omega Property Investments is not a law firm, attorney, or financial advisor and does not give legal, tax, or financial advice; please consult your own advisor.
Omega Property Investments is not a law firm, attorney, or financial advisor. Numbers are not guaranteed. Please consult your own advisor.