Hassan Ghaemmaghami of Irving, looking to exit the multifamily investment sector, got "a couple offers" in a month-long marketing of the 70%-leased Oakland Heights at 914 S. Irving Heights, says Pete Harnett with Hendricks & Partners' Dallas office. He tells GlobeSt.com that the seller, who managed the complex himself, started to develop the extra land at 801 Singleton Blvd. a couple years ago, stopped the site work and decided in recent months to sell lock, stock and barrel. "He is tired of the business and just wanted out," Hartnett says.
Hartnett says the complex traded at 7.63% cap rate "on real numbers." The buyers are Ken and Jian Mellquist, who were represented by Derrick Caballero of Dallas-based Phillips Commercial Real Estate Inc. Hartnett says the Mellquists, who made the close with the top offer or $115,000 less than the ask, will probably sell the extra land rather than develop it themselves. The buyers secured a loan, arranged by Kirk Slimmer with Trans Lending Corp. of Denver, through LaSalle Bank in Chicago, according to Hartnett.
Built in 1985, the trio of two-story buildings on 1.5 acres contains 16 one-bedroom apartments of 650 sf and 24 two-bedroom units, 916 sf. Rents are $515 and $635 per month.
"This is in very good condition for a mid-1980s apartment," Hartnett says. "There was lots of hands-on and sweat equity in this deal."
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