The latest takedown is the Townview Apartments at 4999 S. Buckner Blvd., a class C complex with a 65% occupancy, John Barker with Marcus & Millichap Real Estate Brokerage Co. in Dallas tells GlobeSt.com. In early February, the investor acquired the 108-unit Roger's Landing at 723 Garden Shadow Lane in Arlington. The investor has until month's end to land a third property, according to Barker.
Barker says the investor, with the highest offer on the table, assumed a $1.9-million loan with a 7.28% fixed-rate interest from Cleveland-based KeyBank to close the deal. The loan's term runs through June 2008, he says. Brett King in Marcus & Millichap's Long Beach officer represented the buyer. The seller of record is Townview Partners LP of Dallas.
Barker says the complex traded for slightly more than $2.6 million, working out to $125,000 less than the asking price. Focus Asset Management of Dallas, brought in a couple months ago to run the complex, will stay in place.
Townview Apartments, built in 1985 on 2.9 acres, is a mix of 89 one-bedroom units ranging from 486 sf to 620 sf and 38 two-bedroom apartments with 820 sf. Rents run from $429 to $599 per month.
"It's a real clean deal, a value add with lots of upside," Barker says. The asset, he adds, has little deferred maintenance with high gain coming from the 35% vacancy.
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