The buyer of the Ambassador Apartments at 511 S. Tierney Rd. made the close with 1031 exchange funds and new financing from Chicago-based LaSalle Bank, says Chris Deuillet with Marcus & Millichap Real Estate Investment Brokerage Co.'s Dallas office. James Osgood with BMC Capital LP in Dallas arranged the financing.
Deuillet tells GlobeSt.com that the seller, Aye LP of Chatsworth, CA, bought the complex in August 2002, spent $300,000 on renovations, stabilized the occupancy and then put its only Texas property back on the market. Eight offers rolled in for the 85%-leased complex during five months of marketing. "They weren't the highest, but they were the most qualified," he says.
Built in 1962, the six-building Ambassador Apartments has one-, two- and three-bedroom units averaging 751 sf. The average rent is $567 per month.
Deuillet says the complex is "in good shape for its age," but the final documents included a repair credit at closing. Michael Phillips with Phillips Commercial Co. of Dallas represented the buyer.
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