Dallas investors, using the name of Windridge Court Ltd., will do some property spruce-ups and then decide whether to chase the "for sale" condo market, Tom Warren, associate partner in Dallas for Phoenix-based Hendricks & Partners, tells GlobeSt.com. The class B complex is situated on about 1.6 acres at 4845 N. Galloway in the city's northern corridor.
The North Mesquite submarket is a strong multifamily sector with high occupancy and mid-1980s product. Windridge has one vacancy. It is bringing in an average of 74 cents per sf, which is predicted to rise in the post-renovation days. Units range in size from 606 sf to 1,000 sf.
Many of the area's properties were built to condo specs and boast condo-style amenities. The 16-year-old Windridge, most likely being primed for a conversion, is a leftover from the RTC days and comes with a covenant that five units must be reserved for moderate-income tenants.
Warren the lone broker on the deal, says about a dozen would-be buyers surfaced during Windridge's five-month listing. The buyer was selected for its strength to close the deal and naturally, the bid price. The buyer has other multifamily assets in Dallas-Fort Worth. St. Catherine of Siena Inc. of Coppell was the seller.
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