Centaurus Investments, led by principals Cross Moceri and John Griggs, bought the 37-year-old complex at 4050 Valley View Lane from its 19-year owners, Grady and Cheryl Kromer of Truckee, CA. Griggs says the acquisition is "a stable asset situated in one of the strongest submarkets in Dallas."
Moceri says the property's visibility from Interstate 635 was key to the decision to buy. He tells GlobeSt.com that changes will be made operationally to gain upside, including tackling concessions and rents. The 3.7-acre development has one-, two- and three-bedroom units averaging 880 sf. The average monthly rent is $650. "The rents are slightly under market," he says, adding that the holding needs just minor upgrades.
In June, Centaurus paid $3.75 million for the 136-unit Savannah Heights at 2600 Arroyo Ave. Moceri says they're holding a few more contracts in the race to amass 1,000 units this year. "We believe this is a great buying opportunity," he says.
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