Town Creek Condominiums at 9727 Whitehurst Dr. will remain rental properties, Tom Burns of Phoenix-based Hendricks & Partners' Dallas office, tells GlobeSt.com. Cezanne Corp. of Dallas sold the asset at an 8% cap to Town Creek Condominiums LP of Provo, UT.
The new owner gets majority control in the homeowners association, which owns the land, and units with minimal deferred maintenance. Town Creek, built in the mid-1980s, was on the market for nine months at an asking price of $3.7 million.
The Utah buyer used 1031 Exchange capital from a California multifamily sale and financing from Cleveland-based KeyBank to acquire the property in the Lake Highlands neighborhood. The seller owned the 70 units for the last decade and will continue to own a property right across the street, Burns says. The Town Creek units average 764 sf, with a median rent of $695 per month.
Burns represented the seller. Mark Feldman in Hendricks' San Francisco office brokered the transaction for the buyer.
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