The Houston buyer's identity is being kept under wraps. What isn't quite so vital to play down is a soon-to-close transaction for the investor's third acquisition in the region, says Peter Hartnett, vice president of Grubb & Ellis Co.'s multifamily Dallas team. The investor's first buy in the region was a 25-unit complex about two years ago along Gaston Avenue.
Hartnett and Sam Lewis, another Grubb & Ellis vice president, represented the buyer and the seller, Sheffield Manor Apartments Ltd.
Sheffield Manor is situated in the Vickery section in Dallas' northeastern tier. Built in 1969, complex situated on about 3 1/2 acres drew seven offers when it hit the market four months ago. It had gone under contract for $2.5 million to a not-for-profit that withdrew the bid, Hartnett says. It went under contract a second time 45 days ago and closed, he tells GlobeSt.com, "for just under $2.4 million."
Sheffield Manor is situated in an area that was a popular nesting ground in the late 1970s for young professionals and developers eager to meet their demand. "There's a plethora of multifamily in that area," says Hartnett.
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