Lakewood Estates Apartment LLC bought the property at 7806 Lyrewood Lane from seller ORIX Capital Markets LLC for $5 million, with an additional $1.5 million budgeted for improvements. Sam Pettigrew, Elliott Carpenter and Todd Franks of the Cantrell Co. in Dallas represented the seller, which took back the property from its previous owner.
According to Pettigrew, the complex, situated on 20 acres, attracted 18 offers, including another for approximately the same price. "We went with the one we did because he was doing a 500-unit renovation next door," Pettigrew tells GlobeSt.com.
As previously reported in GlobeSt.com, New York City-based commercial mortgage bank Avant Capital Partners provided a $4.58 million acquisition and rehab bridge loan to the buyer. Avant managing principal Adam Luysterborghs says the owner's track record in rehabbing and leasing similar properties in the neighborhood was instrumental in persuading Avant to get involved.
"For someone else to do the same deal, they would have higher costs," Luysterborghs says. "He had boots on the ground to do the work and rehab the property. He knew what he was doing."
The two- and three-bedroom units range in size from 1,000-1,355 square feet. Monthly rents are between $525 and $775.
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