The buyer of record, CC& R Park Lane LLC of Rolling Hills Estate, made the close in 70 days with the highest of five offers for the class C complex, Peter Hartnett with Hendricks & Partners in Dallas tells GlobeSt.com. Hartnett had the listing on the market about six months, marking the second time in a year that the single-asset local seller of record, the Parks of New York LLC, had a broker trying to sell its long-time holding at 8662 Park Lane.
Hartnett says the loan with Cleveland-based KeyBank required a $100,000 hold-back for rent stabilization of the 94%-leased Northpark Terrace. Built in 1973 on 13 acres, the 36-building complex is a mix of one- and two-bedroom apartments, averaging 746 sf. Monthly rents range from $349 to $595. The Carrollton, TX-based M/PF YieldStar calculates 1970s-era units are renting, on average, for $625 per month in the East University/Vickery submarket, which Hartnett points out gives the new owner definite upside in the rents.
Hartnett says the California group also bought a neighboring class C property, but the details weren't available by publication time. To win Northpark Terrace, he says the buyer assumed a 10-year loan with six years left on the term at a fixed-rate interest of 7.39%.
Hartnett represented the seller, who's sold 11 complexes with more than 2,000 units in the past two years. Hendricks & Partners' Tom Burns negotiated for the buyer.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.