Tri Pro Management Inc. of Dallas picked up the play in early December for Easton Terrace Apartments at 10429 Lone Tree Lane in East Dallas. "They had looked at the asset prior to foreclosure so they were ready to move forward," Jay Gunn with Hendricks & Partners in Dallas tells GlobeSt.com.
Gunn says Capital Crossing Bank bought the note at a discount from the receivership after five months on the market failed to generate a sale. "That really started the ball rolling," he adds.
The buyer's upside lies in pushing rents in the 90%-leased complex, according to Gunn, who teamed with Hendricks & Partners' Peter Hartnett on the sale. The monthly rent now averages 71 cents per sf or $596. The complex, positioned on 12.23 acres, consists of 31 two-story apartment buildings and a pair of two-story townhouses. The mix contains 40 one-bedroom, 188 two-bedroom and 28 three-bedroom apartments and 26 two-and three-bedroom townhouses. He says the complex will undergo some minor clean-up in the transition to Tri Pro Management's reign.
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