Iron Horse Apartments Ltd. bought the Iron Horse Valley apartments at 2439 NE Loop 410 from Texas Property III LP, based in Austin. Scott Weems of Hendricks & Partners San Antonio office represented the seller. Dallas-based O'Boyle Properties listed the property for the seller.
The asking price was $16.85 million for the garden-style apartments, which sit on 18.3 acres. Weems tells GlobeSt.com that the deal suited the 1031 Exchange needs of the buyer. Wachovia Bank financed the sale with a 10-year fixed-rate loan. The sale closed in less than 75 days.
The apartments, built in the early 1980s, is about 96% occupied, Weems tells GlobeSt.com. The new owner doesn't plan any major changes.
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