Mark Krugman, Merit's principal, tells GlobeSt.com that the closings will be completed in the next four months. Krugman, who has 15 years' experience in the DFW market, says the region's growth and "general economic conditions" make Texas particularly appealing. In all, Merit plans to walk away with 724 units before all is said and done in its first buying wave.
In the meantime, he and principal David Shweky are focusing on a $650,000 exterior makeover of the 16-building Brazos Park, situated at 2008 Terlingua. Elite Painting Co. of Dallas has been contracted for the work.
Krugman says Merit beat out eight others vying for the 8.9-acre holding in Arlington. A California partnership, which bought the complex in 1996, had the property on the market for just four months, says the deal's broker, Debra Corson of Corson & Associates in Ohio. And, the seller intends to do a 1031 exchange in the DFW region with its proceeds, she confides.
Brad Hatcher of Houston-based L.J. Melody's Dallas office arranged a floating rate loan for Merit for the acquisition. Deutsche Bank provided the financing.
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