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.

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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.

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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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Hartnett says underlying upside lies in the units' sub-metering,which has been done and waiting for hookup. The seller's preferencewas to keep rents as all-bills paid, but Hartnett says that caneasily be changed.

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Built in 1965, Willowbend was renovated in 2004. Under the newregime, Hartnett says all roofs will be replaced and other exteriorchanges made.

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Additional upside lies in its location: a half block south ofLubbock, TX-based McDougal Cos.' massive redevelopment areaIn addition, Hartnett points out, Willowbend's submarket showed a3.9% rent gain in the past year. From all indications, he says thebuyer's plan is fix and hold for "three to four years."

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