The buyer was working a 1031 exchange from a local sale to close the deal for the 15-unit Mingo Apartments at 1507 Mingo Rd., says Chad Huffhines with Marcus & Millichap Real Estate Investment Brokerage Co. in Dallas. He tells GlobeSt.com that the all-cash trade closed within 30 days. Chris Rosprim with Scott Brown Properties in Denton represented the local partnership while Huffhines teamed with Marcus & Millichap's Scott Lamontagne to sell the property for a private investor from Fort Worth.
Selling in "make-ready" shape, the 21-year-old complex, adjacent to a golf course, was 75% leased at sale time, according to Huffhines. It consists of two efficiencies, seven one-bedroom apartments and a half dozen two-bedroom townhouses. Rents range from $375 to $575 per month.
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