The buyer of record, Casa Bella Village LP, assumed a Wachovia Securities Inc. loan of nearly $2.2 million with a Dec. 1, 2009, maturity to seal the takeover of the 863 S. Irving Heights property, Peter J. Hartnett with Hendricks & Partners in Dallas tells GlobeSt.com. "It was a smooth transaction and a very good buyer," he stresses.
Casa Bella Apartments, listed at nearly $3 million, was sold by a limited liability company from San Antonio, which bought the asset in 1998. Hartnett says the seller repositioned the property, refinanced it to pull out equity and put it up for sale.
The new owner intends to do some rehab work to the asset, built in two phases in 1968. The 84-unit first phase has 11 two-story buildings and the 32-unit second phase is made up of eight single-story structures. There are a dozen one-bedroom units and 45 two-bedroom apartments in three floor plans. Units average 861 sf; monthly rents take in $609 or 71 cents per sf, according to Hartnett.
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