The buyer's identity is being kept confidential, according to Encino, CA-based Marcus & Millichap's Dallas office. Norman Eastwood, a senior investment associate, was the listing agent while Peter DeKampe of the firm's Phoenix office secured the purchaser.
The San Carlos complex was built in phases between 1962 and 1965. It is positioned near the Dallas North Tollway, Interstate 35 and Central Expressway. The two-story garden complex includes studio, one- and two-bedroom unts that range in size from 290 sf to 1,112 sf. It is bringing, on the average, 73 cents per sf.
Apartment complexes, particularly class B and C, are the hot tickets in today's marketplace as investors push capital into value-add properties, looking for guaranteed returns and a safe refuge from the volatile stock market.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.