The local buyer was one of five offers and one of two at full list for the Alpha Delta Apartments at 115 W. Third St., says Jeff Dowdle with Marcus & Millichap Real Estate Investment Brokerage Co.'s Dallas office. "Every time we have a university property, there's no shortage of buyers," he explains.
Dowdle tells GlobeSt.com that the key to the deal was reeling in offers from nearby multifamily property owners. "It kind of makes sense for them since they're going to cross manage," he says. The Alpha Delta Apartments' new owner also owns the Avalon Apartments at 1215 N. Cooper St. The latest pick-up is a 92%-leased, two-building mix of one-bedroom apartments.
Dowdle, the deal's sole broker, says the monthly rent is running about $30 below market. The units, averaging 569 sf, are bringing $439 per month. As would be expected, the one-acre asset primarily is leased to college students. The 41-year-old complex, he says, is "in good physical shape" so the upside will come from a rent hike. Dowdle says metroplex lender, Liberty Lending Inc. of Southlake, arranged financing through LaSalle Bank of Chicago.
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