Private investors from Dallas acquired the asset at 7950 Cliffbrook Dr. from locally based Berkshire Square Apartments LP, which had rent resting slightly below market at 69 cents per sf. Built in 1969, the class B complex was 98% leased at sale time by the 11-year owner. According to the Dallas Central Appraisal District, the holding at Cliffbrook's intersection with Coit Road is assessed at $2.5 million.
Loan arranger Hunter McGrath of Dallas-based Quantum First Capital tells GlobeSt.com that the new owner is putting $200,000 into a new roof and some exterior upgrades to the buildings, which have units averaging 983 sf. Otherwise, the complex was "in excellent condition...in an established neighborhood that's going nowhere but up," he says.
Archon Financial Group of Irving, TX put up the capital for a five-year loan at an interest-only structuring, with the fixed rate resting in the low 5% range. McGrath says the going-in plan calls for a five-year hold. Nita Stewart and Dirk Goris, a CB Richard Ellis Inc. multifamily team in Dallas, negotiated the sale.
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