The private investor paid close to the $2.4-million asking price for the 90%-leased Southwest Apartments at 304 Norman Dr. in Euless, John Barker with Marcus & Millichap's Dallas office tells GlobeSt.com. The deal's sweet spot is the complex has fully furnished units available on a weekly rental and it's positioned near the Dallas/Fort Worth International Airport, he adds. Units rent for $190 to $225 per week. "It's a nice niche close to the airport," he says.
The investor, who bought a home in nearby Bedford, intends to manage the asset, which was bought from 30-year owner, Jamie Trinkle of Euless. Barker says the trade, fueled by gain from a multifamily exchange in Loma Linda, closed with a 10-year financing at a 75% loan-to-value ratio and a fixed-rate 6.2% interest. Boyd Burton with Marcus & Millichap Capital Corp. arranged the financing.
The five-building complex on 2.5 acres was on the market a couple years ago and then pulled. "I kept it in my pocket," says Baker, who teamed with Marcus & Millichap's Chris Deuillet to broker the sale. "It really fit this guy's criteria."
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