Oaks Square Apartments at 901 N. Oak St. is a mix of one- and two-bedroom units that are 90% leased. Six offers came through the door during a 30-day marketing period primarily due to its location, John Barker, senior associate in Dallas and national associate director for the multi-housing group of Marcus & Millichap Real Estate Investment Brokerage Co., tells GlobeSt.com. "It's very close to the new football stadium. You could walk to it," he says. The two-acre project sits right across the street from multi- and single-family properties being scraped to make way for the stadium.
Barker says the first-time Texas buyer took the Oak Square Apartments' deed with the "highest and best terms" for five-year owner, City Oak Investments of Arlington. To make the close, the investor, paying $50,000 less than the ask, secured 80% loan-to-value financing from Chicago-based LaSalle Bank. BMC Capital of Dallas arranged the financing. The deal closed with a cap rate pushing 6.3%.
According to Barker, the 21-year-old complex's name stays the same, but the exterior will be renovated. There are 36 one-bedroom apartments, each 570 sf, and 48 two-bedroom units with 730 sf. Current rents are $385 and $500; pro forma rents are $430 and $550, according to marketing data.
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