A private investor from San Jose, CA paid slightly more than $1.8 million to take the deed from Capital Investment Properties Inc. of Dallas, the owner for three decades. John Barker and Roger Hendricks, a Dallas team for Marcus & Millichap Real Estate Investment Brokerage Co., brokered the all-cash transaction.
"It's in great condition," Barker tells GlobeSt.com of the 95%-occupied complex at 1402 Fannidella Dr. The class C development carries a rent range of $375 to $630 per month. The unit mix ranges from 255 sf for an efficiency to 900 sf for a two-bedroom, two-bath. As for upside, the pro forma rent is projected at $390 to $645 per month.
The one-acre project, built in 1965, sits off Josey Lane near Beltline Road and a mile from Interstate 635. The buyer's quick action and "higher than list" offer resulted from the location, occupancy and condition. "All those things together made it an attractive offer," Barker explains, adding that the listing rallied several would-be buyers during its brief stint on the market.
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