Sergio Praslin of Covina, CA used 1031 exchange money and a loan with the Miami-based EverBank to close the deal for Town Creek Condos at 9127 Whitehurst Dr. in the northeast submarket, Tom Burns, senior adviser in Dallas for Phoenix-based Hendricks & Partners, tells GlobeSt.com. The financing included per-unit releases if the new owner decides to piecemeal sell the condos, he explains. "That was the only way to do this deal," he says. On average, Town Creek condos that have come to market in the past year have been selling for $39,900 for one-bedroom units and $59,900 for two-bedroom layouts.
The 92%-leased units were sold by Lennar Partners LLC of Miami, which foreclosed on the block of units about nine months ago. "We had several offers, but we really only had one that went to contract and it worked," says Burns, who partnered with Hendricks' Peter J. Hartnett to sell the property in a three-month close once the contract went down.
Burns says the owner, who sold multifamily product in SoCal, intends to lease and manage Town Creek, which was built in the mid-1980s. Units average 763 sf; monthly rent is running 85 cents per sf or $647.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.