Listed at $2.35 million, the Les Jardins Apartments, built in 1962, sits on 1.5 acres at 2901 Travis St. One of the dealmakers is its location--close to Texas Christian University with no competition within a two-mile radius, says Jeff Dowdle with Marcus & Millichap Real Estate Investment Brokerage Co. "It's basically cash flowing and stable product," the Dallas broker says. "It definitely was a stellar deal. We're seeing that with California buyers, if you get a solid deal, they'll chase it pretty hard." He tells GlobeSt.com that all offers were huddled close to the ask due to the 8.5% cap rate attached to the trade.
The seller is a private investor from Brooklyn who bought Les Jardins two years ago, moved here to run it and completed a full rehab last year. "He got it running real tight and sold it," Dowdle says, adding the seller is returning to New York with the gain.
The buyer, turning around proceeds from single-family sales in Los Angeles, financed the infill property with a 10-year loan from Chicago-based LaSalle Bank. Built in 1962, Les Jardins contains one- and two-bedroom units ranging from 490 sf to 1,200 sf. The market-rate, all-bills paid rents go from $410 to $725 per month.
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