"There was a lot of activity on this one because of the location," George Deuillet III with Hendricks & Partners in Dallas, tells GlobeSt.com. The 12-building Chateau Crete Apartments, selling with a 91% occupancy, sits at 1818, 1836 and 1916 Stevens Forest Dr., a four-acre footprint beside a golf course and near the boundary of Stevens and Kessler parks, both key revitalization neighborhoods lined with 1900s-era, grandiose homes. Its immediate neighbors are an elementary school and the under-development Twelve Hills Nature Preserve.
The first-time Dallas/Fort Worth buyers beat a bevy of local and California investors eyeing the value add built into the deal. Deuillet says the deciding factor was the quick visit to Dallas to inspect the property. "That always shows good credibility to the seller," he explains.
Deuillet says the plan is to "fix it up and push rents up." Chateau Crete contains efficiencies and one- and two-bedroom units, averaging 765 sf, which rent for $450 to $625 per month. The asset will go from being owner-managed to being overseen by Trigon Management Co. of Dallas.
Deuillet, who single-handedly brokered the deal, says the four investment groups from Portland secured new financing from Collateral Mortgage Capital LLC of Birmingham, AL. The seller of record was Chateau Crete Associates Ltd., which bought the asset in November 1996.
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