Texas Hi-Port Properties Ltd. acquired the Serrano Apartment Homes at 8300 Calmont Ave. from a Fowler & Flanigan affiliate, F&F Sheffield Associates LP in Larkspur, CA. "It was a pretty straight-up deal, all cash," says Mike Burch with Hendricks & Partners' Dallas office. He tells GlobeSt.com that the buyer had placed the winning offer within 45 days of the complex coming to market and took the deed about five months later.
Just last summer, Texas Hi-Port acquired the 200-unit Bennington Heights Apartments at 2700 Shenandoah Rd., situated less than a half-mile from the Serrano. Not only did the location, with Interstate 30 frontage, help lure the Virginia investors, but so did the condition, he says, citing more than $1.2 million of mostly exterior upgrades to the Serrano since 2003. A December 2004 damaged eight units, but they were back on line by last summer. Burch says the new owner's plan calls for additional interior renovations. He and Hendricks' George Deuillet III brokered the deal for the 11-year owner.
The Serrano, built in 1979 on a 9.8-acre tract, is an 85%-leased mix of 126 one-bedroom apartments, 64 two-bedroom units and five three-bedroom designs. Units range from 680 sf to 1,360 sf. Monthly rents are $399 to $765 or 59 cents per sf, on average, which is four cents per sf below its new sister property and about seven cents per sf below comparable neighboring complexes.
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