The location, "great shape" and promise of upside delivered the $500,000 asking price for Cedar Crest Apartments at 1642 Loris Lane, an immediate neighbor to the Cedar Crest County Club, a historic property now undergoing a multi-million-dollar renovation, John Barker with the Encino, CA-based Marcus & Millichap's Dallas office tells GlobeSt.com. He and Chris Deuillet, also in the firm's Dallas office, fielded more than a dozen offers in short run on the market as would-be buyers jockeyed for the 65%-leased complex, all two-bedroom. two-bath units with 800 sf and monthly rents of $525 plus utilities.
Lowell Wagness of Dallas sold the 37-year-old complex after a 10-year hold, Barker says of a seller-financed transaction with a three-year loan at a 6% interest rate. The Cedar Crest Apartments sold debt-free in a "sight unseen" sale for a buyer taking his second deed in town to satisfy his exchange, he adds. Two weeks ago, the private investor acquired a multifamily property at the corner of San Jacinto and Carroll Avenue in Dallas. The locally based S&L Management Co. is overseeing both properties.
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