CNC Investments bought the 95%-occupied Mill Valley Apartments at 201 W. Tarrant Rd. in Grand Prairie with upside coming when the market recovers, Will Balthrope, senior director for Cushman & Wakefield of Texas Inc.'s multi-housing group tells GlobeSt.com com. He says the Phoenix owners, a couple in their 70s, sold the 7.4-acre asset elected to retire debt and absorb a pre-payment penalty rather than seek a buyer willing to assume an existing loan, much like others who've been trading properties this year. The plan is to do a 1031 Exchange for a commercial property in Phoenix, he says.
The just-sold class B complex is a "classic mid-1980s," says Balthrope, who brokered the sale along with senior director Don Ostroff and associate director Susie Kakos. The listing baited nine offers when it hit the market in the spring. Balthrope says CNC, a known syndicate buyer, acquired the holding on behalf of one investor. A new loan was placed with New York City-based Column Financial Inc.
Mill Valley Apartments is a mix of efficiencies with 450 sf and renting for $475 per month; one-bedroom units, totaling 695 sf and bringing in $550 monthly; and two-bedroom apartments with 954 sf at a $655 monthly fee. "Concessions," Balthrope says, "are surprisingly low." A one-year lease gets one-month free.
Built in 1984, the complex is positioned near Six Flags Over Texas and Ameriquest Field and across the street from Grand Prairie High School. CNC will take over management from the locally based J. Hester Management Co.
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