John Barker of Marcus & Millichap's Dallas office landed a buyer's agreement with one telephone call on the day he got the listing for the Park Place Apartments, a 50%-occupied complex at 405 N. Ewing St. A week later, he was holding a signed contract. The Center for Housing put up about $400,000 to close the sale and will be putting considerably more into its new acquisition in a top-to-bottom makeover with upfront financing from Bank One's Dallas office, Barker tells GlobeSt.com.
Park Place's two-bedroom, one-bath units of 600 sf bring in monthly rents of $500. The upside, Barker says, lies in the rehab and rent hike to bring the rate in line with its multifamily neighbors in Oak Cliff.
The seller is Nancy Evans Enterprises from Duncanville who sold her only multifamily asset after a seven-year hold. Barker and Chris Deuillet, also with Marcus & Millichap, negotiated the sale of a 60-year-old complex on 1.5 acres that's assessed at $223,180 by Dallas County.
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