C&M Management of Dallas signed the final paper "practicallytwo years to the day" from its acquisition of Villa GarrettApartments at 1919 N. Garrett Ave., John Barker of Marcus &Millichap's Dallas office tells GlobeSt.com. The 94%-occupiedcomplex was the last apartment property available in an assetliquidation by a seller who's Colorado bound, he adds.

The private investor buyer was ready to mark his first Texaspurchase with another multifamily holding when Barker learned VillaGarrett, an asset he sold to C&M Management, was up for sale."We brought in the strongest offer they'd seen in awhile," he saysof a sale fueled by 1031 Exchange capital and a loan fromInterfirst Bank in Dallas. The seller's broker was ChristopherMartin of Perry Guest Co. in Dallas.

The 1970-era Villa Garrett consists of 13 efficiencies rangingfrom 220 sf to340 sf; a pair of 800-sf two-bedroom apartments; andthe balance in one-bedroom units of 640 sf to 670 sf. Efficienciesrent for $365 to $410 per month; one-bedroom units, $450 to $565monthly; and two-bedroom designs, $590.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.