Hjorting, who owns a nearby multifamily property, used a 1031 exchange to drive the sale, Thomas Emerson Burns of Phoenix-based Hendricks & Partners' Dallas office tells GlobeSt.com. He and Hendricks' J. Michael Lewis represented the seller, Hulen Park Place Properties LLC of Tucson, AZ while Jeff Rogers of Kennedy-Wilson's Austin office handled talks for the buyer.
The seller is a group of investors led by Humberto Lopez and Glen Toyoshima, both of HSL Properties in Tucson. The 97%-occupied asset was the last Dallas-Fort Worth holding for the seller of record, which had the complex on the market for seven months at an asking price of $3.1 million, according to Burns. The investment group had owned Hulen Park Place since the early 1990s. The class C complex, he says, was on and off the market several times in recent years.
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