The just-sold holding is Prairie Apartments at 511 N. Prairie Ave., a class C complex that was handed off by a nine-year owner, La Pradera LC of Richardson. The sale is the first of three on the docket for the local seller, who is trading into larger properties with the gain, John Barker with Marcus & Millichap Real Estate Brokerage Co. tells GlobeSt.com.
Barker says Prairie Apartments was particularly attractive to investors due to the 17.73% cash flow. "This is strictly a cash-flow deal," he says. "It sold in less than a month with no hurdles. The smaller deals can be a little tough to find qualified clients."
Situated on about one-third acre, the complex has six 650-sf one-bedroom units and five 800-sf two-bedroom apartments. Rents $520 and $660 per month, but there's some room to go to meet the market. According to the pro forma, the new owner has a $15 per month upside. Scott Lamontagne and Chad Huffines, both with Marcus & Millichap's Dallas office, represented the buyer.
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