The Brock Bank complex at 9827 Brock Bank Dr. was one of 42 bought and held for nearly a decade before the partnership was dissolved in 1999. It was on the market just two weeks before it went under contract to a Montreal-based family, which now has an adjacent 100-unit property under contract, J. Michael Lewis, associate partner in Dallas for Phoenix-based Hendricks & Partners, tells GlobeSt.com. Due diligence took four months before Brock Bank closed. Now that it's a done deal, the owners will be putting about $250,000 into a rehab, he discloses of the all-cash sale.
Lewis refers to it as "a hip-pocket deal. I knew who was buying and that's where I took it." In the last three years, he sold about 30 of Hartex's holdings, accounting for the trading of roughly 12,000 units. Lewis represented buyer and seller at the closing table for the 92%-occupied, 34-year-old complex.
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