The California investor turned around gain from the sale of a four-plex in his home state to acquire Lakewood Garden Apartments, a two-building complex at 5404 and 5408 Reiger Ave., from a Dallas seller. "It was a clean little deal," says Tommy Lovell with Marcus & Millichap Real Estate Investment Brokerage Co.'s Dallas office.
Lovell tells GlobeSt.com that the new owner has kept SSDS Properties of Dallas in place to manage the asset, which was 95% leased at sale time with no concessions in place. Monthly rents are $525, $600 and $625 for one-, two- and three-bedroom apartments, respectively. The mix consists of 10 one-bedroom designs, with 560 sf; six two-bedroom units, 645 sf; and four three-bedroom apartments, 1,025 sf.
Lovell says the complex, built in 1986, was on the market about two months. He says the longtime owner wanted to "move his equity to other product types." Derrick Caballero of Phillips Commercial in Dallas represented the buyer.
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