The John T. King Trust of Hawaii sold the Mack Park Apartments at 400 Audra Lane to Valley Ranch Investors LP of Dallas. The seller also is hawking a Fort Worth multifamily property while the Mack Park buyer is selling a 9,000-sf shopping center. The deals will wrap up by Dec. 31.
The first link to the chain of deals took about 75 days from start to finish to close, Mike Wells of Wells Asset Management Inc. in Dallas tells GlobeSt.com. The Mack Park complex was 96% occupied at sale time, a level that helped spur bidding and get it under contract within 21 days. Wells Management's Robert Aiello placed a $7-million acquisition loan with a 10-year term with Credit Suisse First Boston.
The class B complex, which carried a $9-million asking price, is positioned on 11 acres. The investment group intends to put about $150,000 into upgrading the 16-year-old complex, owned for the last decade by the King trust.
Craig Brown of IPX 1031 in the Dallas office set up the buyer's reverse exchange for the shopping center. He also structured the seller's 1031 Exchange for Mack Park and the up and coming Fort Worth multifamily sale, with all proceeds rolling into the Hawaii land purchase. Mike Wells brokered the apartment sale.
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