"It was the only offer we could get to work," Chad Huffhines with Marcus & Millichap Real Estate Investment Brokerage Co. tells GlobeSt.com about the hand-off of the Milimo Terrace Apartments at 2305 N. Fitzhugh Ave. by Elixir Properties LLC of Richardson. He says the seller, who bought the holding in January 2004, wants to invest in retail properties and exit the class C multifamily market.
According to Huffhines, the new owner will pump another $150,000 into interior and exterior renovations into the 1930s-era building. The one-bedroom, 750-sf apartments rent for $475 per month.
Huffhines says negotiations brought the deal within $5,000 of the ask. Robin Miller with Titan Real Estate Co. in Dallas represented the private buyer.
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