Seller Hamlin Holdings brought the Villa Garrett Apartments at 1919 N. Garrett Ave. to market for $1 million or $25,000 less than the Dallas County assessment. The new owner was the highest offer out of a dozen would-be buyers for the 80%-leased complex, John Barker with Marcus & Millichap in Dallas tells GlobeSt.com. "It wasn't so much price as they wanted to close in 21 days...and they came in with all cash," he adds.
Barker says the repositioning plan includes a $150,000 or more rehab on the 1970s-era complex that sold with a new roof in place. The holding has 14 efficiencies, 34 one-bedroom units and a pair of two-bedroom apartments. Units range from 340 sf to 800 sf and rents go from $300 to $600 per month. "There is room to move the rents," says Barker, who brokered the sale along with Chris Deuillet, also in the brokerage firm's Dallas office.
All that's being said about the new owner is that he has smaller properties in Uptown, Oak Lawn and East Dallas plus he manages the assets himself. Despite the condo fever sweeping the market, there's no plan for a conversion, according to Barker.
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