The 90%-leased complex, located at 513 NW 10th St. in Grand Prairie, sold at a 9.5% cap rate after six weeks of marketing put six offers on the table, Chris Deuillet with Marcus & Millichap's Dallas office tells GlobeSt.com. A corporation from Plano closed the deal with a 10-year loan from Chicago-based LaSalle Bank, he says. The 80% loan-to-value financing has a 30-year amortization and a sub-6%, fixed-rate interest.
According to Deuillet, the Marcus & Millichap team moved the buyer from a 19-unit multifamily property in Arlington to the larger Shady Oaks and placed the local seller into a single-tenant retail property in another Texas city. Deuillet, John Barker and Tommy Lovell represented the seller from Carrollton while Scott Lamontagne brokered for the buy side.
Built in 1966, the three-building Shady Oaks is positioned on nearly an acre, about a mile south of Interstate 30. Deuillet says the new owner will manage the complex, which consists of 30 one bedroom, one-bath units and the balance in two-bedroom, two-bath designs. The all bills-paid units rent for $460 and $640 per month.
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