Getting a second chance is the 176-unit Casa Nueva, a 21-building complex positioned on about 6.7 acres at 7621 Ferguson. AmeriSouth Realty has taken title for just under $2 million, ending four months of legal maneuvers to get the deed. The City of Dallas has a lawsuit pending in an urban nuisance case. But, Ruel Hamilton, AmeriSouth's general partner, tells GlobeSt.com, "We're fine with that." Hamilton is well-known in Dallas circles for taking over blighted properties, settling any outstanding litigation against the holdings and repositioning the assets into income-producers.
AmeriSouth, closing the deal two days ago, will begin work immediately on the 32-year-old complex, which has been padlocked since March. AmeriSouth bought the property from a court-appointed receiver, Hamilton explains. The owners, a group of unidentified private investors, were under threat of foreclosure from a conduit lender when the deal soured even more and the property fell into receivership. "It's taken this long essentially to get it approved by the court," Hamilton says. Jeff Ratliff of AmeriSouth Real Estate Services Inc. brokered the transaction.
AmeriSouth owns about 1,500 units in East Dallas so it was a logical buyer for Casa Nueva, due for a renaming as part of its repositioning. Hamilton says the problems with the gated property were linked more to the management than the asset. There are no restrictions against the holding so it will debut as a market-rate property, he says, noting to expect rent of 72 cents per sf for all-bills paid leases.
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