The buyer put in gain from a multifamily property sale in California and took out 75% loan-to-value financing to make the close of Roger's Landing at 723 Garden Shadow Lane in Arlington, Jeff Dowdle with Marcus & Millichap's Dallas office tells GlobeSt.com. He says the LaSalle Bank loan, arranged by Marcus & Millichap Capital Corp.'s Boyd Burton of Dallas, has a 10-year term and 6.4% fixed-rate interest.
Dowdle, brokering the deal for a Poway, CA seller, says the $3-million listing garnered five offers with the winner matched to the deal by Bret King in Marcus & Millichap's Long Beach, CA office. "He was most qualified with the exchange and was willing to step up on the terms," Dowdle says of the scoring offer. "It was straight forward and smooth."
Myan Management of Bedford has been hired to oversee Roger's Landing, which will be spruced up as part of the new owner's plan for the 21-year-old complex positioned on 3.7 acres. The eight-building complex, all two-story loft-style apartments, has 52 one-bedroom units with 600 sf and 56 two-bedroom designs with 800 sf. Monthly rents are $395 and $535. The upside, says Dowdle, lies in filling the 11% vacancy and a location close to a proposed site for the Dallas Cowboys' $650-million stadium plan.
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