Seller Oakwood Terrace Ltd., a Marina Del Ray, CA partnership, parts with the property after struggling through rehab as a result of severe damage from a March 2000 storm that pushed a tornado into Fort Worth's downtown and shot microbursts into several surrounding areas. The 28-year-old complex is assessed at $3.5 million by the Tarrant County Appraisal District.
Norman Eastwood, a Marcus & Millichap senior investment associate in Dallas, brokered the deal for buyer and seller. Eastwood tells GlobeSt.com that the property was on the market for 60 days and attracted eight offers. Oakwood, which bought the complex in 1997, simply wanted to sell after difficulties sustained in the repair process. Oakwood still owns multifamily properties in the Texas towns of Frisco, Tyler and Houston.
The buyer assumed the existing note on the property, Eastwood confides. The 21-building complex is situated on 11.1 acres. It is 82% occupied, making it a prime candidate for upgrades and repositioning in the buyer's eyes. Units range from 488 per sf to 1,268 sf and fetch rents from $415 to $675 per month, somewhat below the market average.
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