C&M Management of Dallas signed the final paper "practically two years to the day" from its acquisition of Villa Garrett Apartments at 1919 N. Garrett Ave., John Barker of Marcus & Millichap's Dallas office tells GlobeSt.com. The 94%-occupied complex was the last apartment property available in an asset liquidation by a seller who's Colorado bound, he adds.
The private investor buyer was ready to mark his first Texas purchase with another multifamily holding when Barker learned Villa Garrett, an asset he sold to C&M Management, was up for sale. "We brought in the strongest offer they'd seen in awhile," he says of a sale fueled by 1031 Exchange capital and a loan from Interfirst Bank in Dallas. The seller's broker was Christopher Martin of Perry Guest Co. in Dallas.
The 1970-era Villa Garrett consists of 13 efficiencies ranging from 220 sf to340 sf; a pair of 800-sf two-bedroom apartments; and the balance in one-bedroom units of 640 sf to 670 sf. Efficiencies rent for $365 to $410 per month; one-bedroom units, $450 to $565 monthly; and two-bedroom designs, $590.
The upside, Barker says, lies in raising rent to keep pace with the Knox-Henderson neighborhood, which is undergoing a revitalization marked by new construction. The complex is two blocks east of the freeway and the Knox-Henderson retail corridor. The fully renovated Villa Garrett also neighbors new multifamily construction, a built-in bonus for rent growth.
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