MCG Willowbend Apartments LLC bought the four-building complexat 1407 W. Shady Grove Rd. from IB Holdings LLC of Coral Gables,FL. The new owner has jumped into immediate repairs, ticketing$300,000 for the work, to meet City of Irving requirements for the86%-leased asset, Peter J. Hartnett, associate partner in Dallasfor Phoenix-based Hendricks & Partners, tells GlobeSt.com.
To make the close, Hartnett says the received "gave him 100%financing" at a 6.8% fixed-rate interest and prepaymentflexibility. The buyer put $300,000 into escrow to cover the repairbill, according to the deal's sole broker.
Willowbend Apartments, sitting on 2.1 acres, is a mix of 50two-bedroom units and 10 one-bedrooms. The larger units, each 756sf, have monthly rents of $647 while the 558-sf one-bedroomapartments are collecting $551 apiece each month.
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