"The buyer was familiar with the property...and this was the buyer who was the most qualified of the offers we received," Robert Aiello with Wells Asset Management Inc. in Dallas tells GlobeSt.com about the Toronto group's ability to win the race for the 80%-occupied complex at 9911 Whitehurst Dr. Built in 1979, Sedona Creek was on the market nine months for nearly $7 million.
The buyer assumed a Fannie Mae loan, with five years to go on the term, held by Lend Lease, Aiello says. The seller, Sedona Creek Associates, acquired the holding in 1997. The sale marks the last disposition for a partnership with principals in Dallas and New York now in the process of dissolving the business. The mix of one- and two-bedroom units brings in an average of 72 cents per sf or $525 per apartment each month.
Aiello represented the seller of a 8.5-acre complex with a $5-million assessment by Dallas Central Appraisal District. Tom Flood of Pinnacle Realty in Dallas negotiated for the buyer.
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