The local retiree spent $545,000 or $30,000 less than the ask for the 4031 Holland Ave. building. "There were only two offers and he took it because he came in with such strong terms...a quick inspection and hard earnest money," John Barker, senior associate in Dallas for Marcus & Millichap Real Estate Brokerage Co., tells GlobeSt.com. Key to the win was a 50-day close for a property that spent less than a month on the market, he says.
The new owner, though, is making plans to redo interiors with hardwood floors and granite counters, according to Barker, who was assisted by Marcus & Millichap's Will Jarnagin. The one-bedroom units, with two vacancies, have 586 sf to 878 sf, with rents of $750 to $950 per month.
The complex, commonly referred to by just its address, was sold by Luhoff Enterprises Ltd. of Dallas, which is liquidating its multifamily holdings. It acquired the 4031 Holland asset in 1998.
© 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.