The assumption process was completed in 90 days for the 90%-leased complex at 1405 Elite Circle in Arlington, Peter Hartnett, senior investment adviser in Dallas for Phoenix-based Hendricks & Partners, tells GlobeSt.com. "When you do an assumption, they are hard to do," he adds. "They only get accomplished with good brokers." The $2.2-million GMAC Mortgage Corp. loan, serviced by Miami-based Lennar Partners, matures in March 2010 and carries an 8.75% fixed-rate interest, says Hartnett, the deal's sole broker who held the listing for the five-year owner of record, Timber Ridge Apts. LLC of Dallas.
The new owner will put $60,000 into minor repairs and hold firm to the seller's new management company, Encore Management of Dallas, to help push up occupancy and collect upside from a rent hike when the market improves, according to Hartnett. Built in 1980, the 13-building Timber Ridge Apartments, positioned on 4.3 acres, has an average monthly rent of $467 versus the $611 per month average for comparable properties in South Arlington.
Timber Ridge is a mix of 92 one-bedroom units in four floor plans ranging from 553 sf to 591 sf and 44 two-bedroom apartments in three layouts ranging from 773 sf to 932 sf. The complex, featuring fireplaces and appliances, is positioned beside an under-construction elementary school and close to Interstate 360 and a primary retail corridor.
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