A New York City partnership took the deed from the eight-year owner of a two-building complex, built in 1969 on 2.6 acres at 2833 Community Dr. in the Bachman Lake area of Dallas. The transaction closed after 120 days in escrow due to the intricacies of the loan assumption process, John Barker, senior associate in Dallas for Marcus & Millichap's National Multi Housing Group, tells GlobeSt.com about negotiations that ended at just $380,000 below the asking price. Gemsa Loan Services LP of Houston holds the $1.1-million note, which expires in 2008. The sale rolls the second deed in three months to the New York City partnership, which picked up 24 units in Euless as its market inroad.
The new owner hired S&L Management of Dallas to take the reins from the in-house team of seller, PSP Corp. of Dallas. "Once the concessions burn off and once the market gets better, they are going to push the rents," says Barker, who single-handedly brokered the deal.
Parkside Place is a mix of one- and two-bedroom units ranging from 600 sf to 995 sf in six floor plans. Monthly rents bring in $400 to $595, putting the average at 62 cents per sf. With the deal closed, the new owner will begin a rehab of mostly cosmetic changes to the class C complex, according to Barker.
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