DALLAS-A first-time Texas buyer has scooped up a ready-to-go condo deal in North Dallas although the immediate plan for the 37-unit McCallum Oaks Apartments is retain it as a North Dallas rental.
"It's not a typical apartment deal," says David Shaffer, managing director for GVA Cawley in Dallas. "For that vintage, there's not many of that construction and size, maybe 10 in Dallas/Fort Worth." Not only are the 22-year-old units at 17708 Dickerson Dr. condo-mapped, but each sport a fireplace and all appliances to set them apart from competitors in the class B neighborhood.
Shaffer tells GlobeSt.com that the private investor from San Francisco paid $1.37 million, or $85,000 more than the ask, to beat two other prospects eyeing the one-acre property during a 45-day marketing. "He went hard with earnest money after a two-week due diligence."
Shaffer says the investor satisfied a 1031 exchange from a multifamily property sale in the San Francisco Bay area. Steve Seiling with BMC Capital LP in Dallas also arranged a three-year, fixed-rate loan with Imperial Capital Bank of Los Angeles, according to Shaffer.
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