The 96%-occupied complex went under contract to MBS Realty Investors of New Orleans within a month of reviews for 15 bids on the 23-year-old property, Chris Griffith of iCap Realty tells GlobeSt.com. "It was a straight-up, all-cash transaction," he says. The seller of record, The Falls LP, is negotiating for another multifamily complex, but the up-and-coming deal is being kept under wraps for the time being.
Lengthy contract negotiations dragged out the closing for nearly eight months. Kevin Broz of iCap Realty brokered the sale, which closed at the asking price.
The West Fort Worth complex, consisting of 33 buildings positioned on about 16 acres, was built in 1979 and renovated in the mid- to late 1980s. Its primary attraction to buyer prospects is its proximity to Lockheed Martin, which is adding jobs as it ramps up production for the Department of Defense's Joint Strike Fighter contract that it landed in 2001. But, Griffith emphasizes, the development's also in "good condition" and came with no deferred maintenance.
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