John Barker of Marcus & Millichap in Dallas says he knew the local investor was looking to buy. "He jumped at it at full list," he tells GlobeSt.com of the Country Brook Apartments trade with a 10.5% cap rate. The seller, in turn, is rotating the proceeds into a larger multifamily property that he has under contract in the Dallas-area, he confides.
The two-building project at 1313 Rock Island Rd. on Irving's South Side is 94% occupied. Built in 1965, its unit mix ranges from 510 sf for a one-bedroom, one-bath apartment to a 1,100-sf three-bedroom, two-bath design. Monthly rents range from $435 to $695.
"The upside is in the rent," Barker says, adding that the new owner intends to wait for a market improvement before pushing the rate. The complex one of the few in the neighborhood that have individually-metered units. Barker and Chris Deuillet, also with Marcus & Millichap, handled the transaction.
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