The 50%-leased complex at 3304 Cedar Plaza Lane was listed for $5.1 million by John Barker and Al Silva with Marcus & Millichap Real Estate Investment Brokerage Co.'s Dallas office. Nita Stewart with CB Richard Ellis Inc.'s Dallas team seated the buyer, whose name is being kept under wraps, and the seller at the closing table for a 1960s-era complex destined to be scraped and rebuilt. "It definitely will be residential," Stewart says.
Silva tells GlobeSt.com that the Woodtrail Apartments' sale closes out a multifamily portfolio for 15-year owner, Triant Ltd. of Dallas, whose principals are retiring. A half dozen offers came through the door in a three-month marketing, with one contract falling out before the Dallas investors placed an offer, according to Silva. "This wasn't necessarily the highest offer, but they were willing to get the deal done," he says.
Woodtrail Apartments, sitting on nearly a full city block, has one- and two-bedroom units averaging 730 sf and rents averaging $650 per month. Key to the redevelopment plan is the location between Lemmon and Cedar Springs on the Park Cities border.
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