A limited liability company from Englewood, CO took over the 4022 Woodland Park Blvd. complex with a $350,000 escrow giveback to convert a centralized boiler system to individually metered units and make additional repairs to the property, Scott Lamontagne with Marcus & Millichap Real Estate Investment Brokerage Co. in Dallas tells GlobeSt.com. He says the new owner was the highest offer out of the handful of remaining bids for a 91%-leased holding, which lost a couple contracts on the road to the close due to needed repairs and a fire that took down three units. "It was very, very tough," he says.
For the seller, Shivram Corp. of White Lake, MI, the transaction allows for an exit of Texas. Shivram plans to deploy the gain into a 1031 exchange in its home state, Lamontagne says. Scott Sutphin, with Marcus & Millichap's Detroit office, represented the seller.
Shivram bought Woodland Creek Apartments in May 1992. The 6.4-acre complex, developed in 1969, contains one-, two- and three-bedroom units ranging from 705 sf to 1,320 sf. Monthly rents go from $480 to $800.
The Colorado buyer simultaneously closed on a second apartment complex in the metroplex, but the details weren't available by publication time. Rick Sherwood, partner in LoneStar Commercial LLC of Lubbock, handled the transaction.
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