The seller ended a two-year hold with the sale of the 94%-leased Ederville Apartments at 4720 Norma St. in East Fort Worth to a private investor from Murphy who placed the highest offer out of a half dozen, Scott Lamontagne with Marcus & Millichap in Dallas tells GlobeSt.com. The buyer was represented by Charles Liu with Century 21 Judge Fite Real Estate Co. in Dallas. Lamontagne says the seller is planning to flip proceeds from the sale into a duplex or four-plex near Austin.
Ederville Apartments, assessed at $335,079 by Tarrant County, changed hands in a 98-day start to finish by Lamontagne and Marcus & Millichap's Nick Fluellen, also in the Dallas office. The deal closed at a 9.99% cap rate, according to Lamontagne. "We had a lot of activity," he says, pointing out the bidding got within 97.5% of the asking price. "There are not a lot of smaller properties in Fort Worth."
The Ederville Apartments, built in 1967 on slightly less than an acre, has 16 one-bedroom, six two-bedroom and a pair of three-bedroom units in designs of 728 sf, 896 sf and 1,240 sf, respectively. Monthly rents are $490, $557 and $690.
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