The two-decade owner of Vista Bonita Apartments, a 6.7-acre development at 1920 N. Ruddell St., took the first offer that came through the door to expedite the flight from Texas, Michael Burch with Phoenix-based Hendricks & Partners' Dallas office tells GlobeSt.com. "It was sold before the flyer was completed," he says.
The SoCal family trust, owning properties as Arpple Inc., isn't exiting the multifamily sector, but is leaving Texas, Burch says. In addition to Vista Bonita, the seller has parted with a 112-unit complex, also a class C, in Irving.
The buyer of record, Vista Bonita Financial LP, specializes in class B and C properties. Burch says the Vista Bonita name stays in place, but the new owner plans to renovate interiors and exteriors to set up a rent hike and collect additional upside from filling the 15% vacancy in a complex along Loop 380 and just east of Texas Woman's University. The deal closed at a 9% cap rate in a 90-day start to finish, according to the deal's sole broker.
Vista Bonita's apartments average 774 sf. Monthly rents average $538. The mix is one-, two- and three-bedroom units, ranging from 518 sf. to 1,096 sf.
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