The latest acquisition by the Dallas-based multifamily owner is the 72-unit Sabine Place, a 4.5-acre development with 13 buildings at 1215 Terminal Rd. in Fort Worth. In the next 30 days, Meridian Construction of Dallas will begin work on $350,000 of improvements, Jeff Ratliff of AmeriSouth Real Estate Services Inc. tells GlobeSt.com.
Sabine Place is situated near North Hills Manor, a 100-unit complex bought in February. Both complexes are HUD-supported developments, with all units tied to HAP contracts. "It's smaller than we typically like, but we have another 100 units just one-quarter mile away so it made sense," Ratliff says of a deal that went full cycle in 60 days with hard money placed "Day 1" on a purchase from Sabine Place Cal Group of San Jose, CA.
John Brownlee of Holliday Fenoglio Fowler's Dallas office arranged financing for 85% of cost through Colonial Bank in Dallas, Ratliff says. AmeriSouth, led by Ruel M. Hamilton, had in-house broker, Brandon Rutledge, working the deal, which closed last Friday.
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