John Baker of Arlington, seller of several class C properties last year, has bought the 50%-leased asset at 5108 Brentwood Stair Rd. in Fort Worth after placing the top offer out of 10 in the pack, Jeff Dowdle with Marcus & Millichap in Dallas tells GlobeSt.com. He says the complex, listed at $900,000, sold for about $800,000 in an all-cash trade with $100,000 down on Day 1 and the balance coming through in 45 days. "He's back on the trail of buying again and he just knew that he wanted it," Dowdle says.
According to Dowdle, the Devonwood Apartments' name will stay, but Baker will have to tackle significant upgrades to get the asset into compliance with Fort Worth codes. "There is a lot that has to be done," says Dowdle, who teamed with Marcus & Millichap brokers Norman Eastwood and Tommy Lovell in Dallas to steer the sale for Lennar. Mark Cantrell with the Cantrell Co. in Dallas represented Baker.
Devonwood Apartments is a mix of studios, one- and two-bedroom units, ranging from 423 f to 1,191 sf. The monthly rents range from $395 to $700 per month.
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