"I called one person and he was the right one," John Barker with Marcus & Millichap in Dallas tells GlobeSt.com about the private Dallas investor who's taking over the 85%-leased Crestview Apartments at 2122 and 2149 Highland Rd. in a first-time trade for a 40-year-old development. The Schenk Family Ltd. of Dallas is winding down a 400-unit sell-off, one complex at a time.
The new owner sold a smaller complex, also in East Dallas, and used the gain along with a seller-financed, 10-year loan with a variable interest rate to take title, Barker says. The transaction closed at a 9% cap rate.
A renovation is in the works for the class C complex with 13 one-bedroom, one-bath apartments and 43 in a two-bedroom, one-bath layout. The units of 550 sf and 1,100 sf rent for $375 and $650, respectively.
"He's planning to fill it up, renovate and push the rents," Barker says of rates running slightly below market. He and Tommy Lovell, also with Marcus & Millichap's Dallas office, steered the sale.
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