Shenandoah Village, situated on seven acres at 1400 Shady Lane in Bedford, has traded to a limited partnership from Los Angeles. The seller of the 93%-leased complex is Highland Oaks Partnership of La Mesa, which is planning to replenish the portfolio with a multifamily property in its homeport.
"It is unusual," George Deuillet III with the Dallas office of Phoenix-based Hendricks & Partners, tells GlobeSt.com about a play bucking the steady outpouring of capital from California. In fact, the complex was sold because "he had some acquisition interest in California," he says. "This one was matured to the point that it was ready to sell."
Shenandoah Village, positioned near the Bedford Splash Waterpark, baited eight offers in a three-month run on the market at a list price of nearly $5.3 million, according to Deuillet. The L.A. buyer, with the top offer on the table, teamed some 1031 Exchange gain with a seven-year loan from Citibank "at very favorable market terms" to seal a deal at a price that was "pretty close" to the ask, he says. The seller paid off a loan to allow the buyer to pick up new financing, according to Deuillet. Steve Sieling with Dallas-based BMC Capital arranged the financing.
The first-time Texas buyer, who's shopping the metroplex for additional multifamily assets, got a 24-year-old development with 80 one- and 56 two-bedroom units. The one-bedroom apartments, with 630 sf, rent for $505 per month while the two-bedroom units, each 930 sf, have a monthly rate of $640.
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