The new owner of Belmont Court at 4919 Belmont Ave. plans to continue operating it as a rental although it's ready-made for a condo conversion, Tom Warren with Hendricks& Partners' Dallas office tells GlobeSt.com. The upside, he adds, lies in the 25% vacancy, roughly 19 points higher than its neighbors.
Warren says the partnership, which owns about 450 units in the Dallas area, will begin work immediately on a renovation of the 20-year-old Belmont Court, which has units averaging 592 sf in one- and two-bedroom layouts. Monthly rents average $515.
Jeannette Kassem, a Hendricks' associate in Dallas, and Warren represented buyer and seller, Belmont Court LLC of Wellesley, MA, which had owned the property nearly 22 years. Warren says the Los Angeles partnership wasn't the highest offer, but "the owner selected him as the one most likely to close." The partnership closed the deal with a 70% interim loan to cover acquisition and renovation, he says.
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