AmeriSouth's traditionally a buy and hold owner, but in this case bought and sold to show Criimi Mae what it can do with struggling properties, Jeff Ratliff, executive vice president of AmeriSouth Real Estate Services Inc., tells GlobeSt.com. The Jefferson Place Apartments at 1500 Jefferson St. in Texarkana was bought by a local investment group led by Dan DeMedio of NAI Realty in Texarkana. Ratliff and Case Stockton of AmeriSouth negotiated the sale.
AmeriSouth, led by president Ruel M. Hamilton, paid $600,00 for the six-acre holding after Criimi Mae foreclosed. In the 2003 resale, the repositioned asset pulled a 9 cap on pro forma, Ratliff says.
In keeping with AmeriSouth policy, the $700,000 rehab was completed by Meridian Commercial of Dallas. Ratliff says the complex, made up of one-, two- and three-bedroom units, is bringing 40 cents per sf in rent. The average unit size is 800 sf.
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