Tim Gillean of Plano-based Gillean Properties tells GlobeSt.com that the turnaround plan, rooted in a $2-million renovation, has brought a rent hike of $75 per unit for Gage Place at 9874 Dalecrest Dr. in Dallas along with one of the strongest occupancies in the immediate area. "It's one of the nicest apartment complexes in the area," he says of a holding that has climbed at least 10 points in occupancy since he bought it out of foreclosure. "The property has performed better than our expectations."
Michael Pryluck of Nomura Capital's New York City office put together a 10-year loan with a 30-year amortization. The financing replaced a $5.6-million bank loan with Colonial Bank in Dallas. The 25-building complex near Bachman Lake is now bringing in 70 cents per sf for units averaging 1,154 sf, up from the $550 per sf from a year ago when Gillean acquired the Apple Creek Apartments and renamed it to Gage Place.
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