Copia LP bought the all bills-paid complex at 7406-10 Fulton St. from KLN Properties Inc. of Houston. "I knew the Copia folks and told them about the property so their offer came in very early in the sales process," Jeff Eisenhardt, a partner with Hendricks & Partners' local office, tells GlobeSt.com.
The 95%-occupied Northline Apartments sits on about a half-acre across from Northline Mall, which is being demolished to make way for an 850,000-sf power center. "The beauty of this property is its frontage on Fulton," Eisenhardt says. "It's not a land play yet, but with the redevelopment of Northline Mall, it made the buyer more comfortable."
Built in 1962, the Northline complex has 30 one-bedroom units with 525 sf that rent for $500 per month and a quartet of 900-sf, two-bedroom designs, bringing in $650 per month apiece. "The property is cash flowing just fine," Eisenhardt says, adding the new owner plans to spruce up the interiors to get a bit more rent. "Because of its location, there's the possibility of a value-add opportunity." Keith Van Arsdale of Dallas-based BMC Mortgage's Houston office arranged acquisition financing.
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