The buyer, with a portfolio of class C assets mostly in California, picked up Bradfield Place at 1233 Castle Dr. in Garland, from Tiffany Associates of San Jose, CA, which exited the market with the sale. The certainty of close and a price commensurate with the pack were the deal-makers for the 10-year owner's nod, Mike Burch with Phoenix-based Hendricks & Partners' Dallas office tells GlobeSt.com.
The 95%-leased Bradfield Place's new owner satisfied the 1031 exchange and leveraged the takeover with a five-year loan at a floating rate interest arranged by Sean P. Bushe of La Jolla Bank's Dallas office. The financing represented a 70% loan-to-value ratio, Burch says.
The 5.4-acre Bradfield Place, renovated in 2000, has 16 one-bedroom units, 56 two-bedroom designs and 24 three-bedroom apartments. Units average 882 sf while the median monthly rent is $608. Built in 1970, the complex, with a historical high occupancy, traded with an 8.8% pro forma cap rate.
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