The first deployment was used to buy the Ponderosa at 510 E. Eighth St., which sold for the full ask after a 45-day run on the market that attracted a half dozen would-be buyers, John Barker with Marcus & Millichap Real Estate Investment Brokerage Co. in Dallas tells GlobeSt.com. The 90%-leased complex "will be run as-is for now," he says.
Barker, representing seller La Pardara Properties LLC of Dallas, says the deal closed with financing bearing a 75% loan-to-value ratio and 6.25% fixed-rate interest from North American Savings of Kansas City, KS. Phillips Commercial Real Estate Inc. of Dallas represented the buyer who, Barker says, is zeroing in on a couple other deals to satisfy the gain from multifamily property sales in Santa Rosa.
The 1960s-era Ponderosa is a class C mix of 32 one-bedroom units, each 625 sf, and a quartet of 850-sf two-bedroom apartments. Rents are $525 and $650 per month. "He's got some room in the rents," Barker says about the potential upside. "For now, it's more of a cash-flow deal."
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