"The plan is to hold for three to five years, scrape and redevelop the site," John Barker, senior associate and director for Marcus & Millichap's multi-housing group, tells GlobeSt.com about the just-bought one-block footprint at the corner of Garrett Avenue and San Jacinto Street. The property is minutes from Downtown Dallas in a redevelopment pocket that's less than a mile from Greenville Avenue's retail and entertainment district.
The seven-building complex of one-, two- and three-bedroom units was 95% occupied at sale time to Intervest Cos. of Addison. The 1417 N. Garrett Ave. property was on the market about one month, generating eight offers for the original listing, according to Barker, who soloed on the deal. Intervest's all-cash offer and pledge for a 45-day close swayed the nine-year local owner, whose father built some of the Casa Buena buildings, to sell lock, stock and barrel, he says. "The money was the main incentive to toss in the rest of the development," Barker acknowledges.
Barker says Intervest isn't planning to make any changes, including any kind of renovation, to the late 1950s-era development, until it's time to scrape the site. With units averaging 500 sf, the complex is generating rents of $550 monthly per apartment, on average, for the predominately one-bedroom mix.
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