The local seller, ending a 12-year hold, passed the deed to the top offer, Sanjeev Taneja of Plano, a first-time Texas buyer who owned numerous multifamily properties in Michigan before moving to the Dallas/Fort Worth metroplex about two years ago, Chris Deuillet with Marcus & Millichap's Dallas office tells GlobeSt.com. The Aladdin Apartments along Vandelia Street , near Love Field and south of University Park, were 86% occupied at sale time. The submarket was one of the region's best performers, with the 2001 to 2002 performance showing a 63% rise in the per unit average price.
Deuillet represented the seller, Todd Mongeon of Carrollton, while David Watrous, also in Marcus & Millichap's Dallas office, brokered for the buyer. Deuillet says the complex was on the market six weeks, trading to the highest bidder now digging into some "curb improvements" for the new buy. The buyer secured a 30% recourse note with a 10-year term, 25-year amortization and 4.75% fixed interest rate from World Savings Loan in Dallas to close the transaction, according to Deuillet.
The complex consists of eight buildings, four at 4123 Vandelia St. and four more across the road at 4126 Vandelia St. Built in 1970, Aladdin Apartments has two swimming pools and two laundry facilities for a mix of 27 efficiency units with 481 sf; 17 one-bedroom, one-bath apartments, 582 sf; and nine two-bedroom, one-bath designs with 872 sf. Monthly rents range from $400 to $625.
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