The 1960s-era property, Shadow Creek Apartments, had a $5.8million mortgage on it when the Fannie Mae foreclosed, but sold inthe mid $2 million range, according to Rich Mazel, director ofacquisitions for Manhattan Beach, Calif.-based Main Street Partners& Associates.
Mazel tells GlobeSt. that the private equity fund was one of 12investors that were interested in Shadow Creek Apartments. Theclass C property was listed by Chris Deuillet and Nita Stewart ofCB Richard Ellis' Dallas office.
Situated on nearly nine acres at 311 S. Industrial Blvd., ShadowCreek Apartments is currently 60 percent occupied. It offers a mixof one, two, and three-bedroom units that range from 648 squarefeet to 2,860 square feet.
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