The buyer of Spanish Trace Apartments at 1927 E. Grauwyler Rd. in Irving has taken over a loan due in March 2011, with a 7.44% fixed-rate interest, that's held by the Columbus, OH-based Red Mortgage Capital Inc., Peter Hartnett, senior investment adviser for Phoenix-based Hendricks & Partners' Dallas office, tells GlobeSt.com. In November 2004, the buyer, who relocated from California, assumed a $2.2-million loan to get the 136-unit Timber Ridge Apartments at 1405 Elite Circle in Arlington from the seller, a private investor from Dallas.
Spanish Trace, built in 1968 on 4.9 acres, has an average unit of 791 sf, driving monthly rents averaging $582. The asset contains 80 one- and 48 two-bedroom apartment plus eight two-bedroom townhouses. Units range from 651 sf to 1,110 sf; rents run from $525 to $689 per month.
Hartnett, who single-handedly worked the transaction, says the buyer made a move on the deal when two other contracts fell out. The winning transaction took 60 days to close, he says. "It's a coupon deal," Hartnett says, citing the need for minimal rehab for a property with some upside in rents.
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