Vintage Asset's 50 Units Bait $32,500 Per Door

The Oxford Apartments at 604 Causley Ave. cornered buyers' attention for condition and location adjacent to a campus parking lot at the University of Texas at Arlington."The price per door is probably a record out there," Jeff Dowdle of Marcus & Millichap's Dallas office tells GlobeSt.com. "It's unheard of to get that rate for 1960s product with a chiller and heater system. And even though it was built in 1965, it was competing with a lot of the 1980s product."

The 90%-occupied complex was on the market three months. The first contract fell out to drive a return for a short remarketing period that ended with four offers. Buyer Philippson Management Co. LLC of Dallas placed new financing with Compass Bank to make the close.

Seller Andy Gee of Arlington, who bought the property in 1996, plans to deploy the "free and clear" gain into a hotel concept that he's planning to launch in Waco, Dowdle says.The three-building complex, which is sub-metered, has six one-bedroom, one-bath units with 625 sf each, which rent for $475 per month; 26 two-bedroom, one-bath apartments, 788 sf for $550; and 18 two-bedroom, one-bath designs, 950 sf, $625. The tenant population is a mix of UTA students and graduates as well as non-university related renters, says the listing agent. The buyer's broker was Scott Lamontagne, also with Marcus & Millichap's Dallas office.