There was some discount, but "the seller was very satisfied with the price," Tom Burns with Phoenix-based Hendricks & Partners' Dallas office tells GlobeSt.com about the 3600 W. Loop 250 N. property in the Texas Panhandle city of Midland. About two years ago, seller Craig Hall, known for contrarian real estate deals, started the multifamily sell-off of class B and some class C assets, which he bought in the 1980s in several US markets. The seller of record is NHP Midland LP of Frisco.
Burns says the buyer, Terry Holden of JG Jones Co. in Las Vegas made the close with a $2.4-million HUD loan assumption with a 30-year term, originated in 2002 at a 6.25% fixed-rate interest. Holden, who owns about 10 properties in Dallas and Las Vegas, has another multifamily asset in Midland. "The upside is in the operation," Burns says. "He will run it like it is. It's a very clean property."
Holden's new buy is a 92%-leased complex with 104 one-bedroom and 128 two-bedroom units, averaging 837 sf. Rent averages $400 per month. Besides Burns, the Hendricks' team included Tom Warren in Dallas and Chris Ross in San Antonio.
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