The Oak Hollow Apartments at 5901 Boca Raton Blvd. in the Woodhaven section, east of the CBD, was 93% occupied at sale time. The buyer of record is Oak Hollow FW LP of Corona; the seller of record, Boca Raton Apartments LLC of Irving, TX.
George Deuillet III in the Dallas office for Phoenix-based Hendricks & Partners tells GlobeSt.com that the loan with Prudential Financial of McLean, VA, presented "a hurdle" that held up the closing for a few months, but it didn't stop the shoppers. "We had a lot of interest," he says of the seller's decision to let go of the class B offering and its only asset in the strong multifamily submarket. He says the buyer assumed the $2.9-million note and put up cash for the balance.
Oak Hollow Apartments sits on 10 acres and carries a $3.8-million assessment by Tarrant Central Appraisal District. The complex is a mix of one-, two- and three-bedroom units, with the average factoring out to 983 sf.
The buyer, who owns about 800 units in Dallas-Fort Worth, not only gets the benefit from teaming management with the Villa Del Rio, right across the street, but it also has some upside leeway in the existing rent of 55 cents per sf or $542 per month. The submarket's average is about 60 cents per sf.
Deuillet says the neighborhood is a mix of multifamily product of various classes. Oak Hollow, with easy access to Interstates 30 and 820, is a solid class B that has been well maintained by its owner for the past six years.
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