The Mt. Vernon Apartments at 3024 Mt. Vernon St. is now in the hands of the Jeremiah Land Co., which laid cash on the line to get the deed, according to Chad Huffhines with Marcus & Millichap Real Estate Investment Brokerage Co.'s Dallas office. "It didn't go for the highest offer," he tells GlobeSt.com. "It went for better terms."
Huffhines says the local seller was cashing out after two years to reinvest in another type of investment. The deal went full circle in 90 days. He and Marcus & Millichap's Scott Lamontagne represented buyer and seller.
Built in 1950, the complex contains 500-sf efficiencies and 600-sf one-bedroom units. Rents are $500 and $600 per month.
© 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.