"The size was a little problematic," says Tom Burns, associate partner in Dallas for Phoenix-based Hendricks & Partners. He tells GlobeSt.com that the deed to Park Ridge Townhomes at 300 W. Park Row Dr. went to a buyer who's in the process of building a portfolio in the Fort Worth area, Oklahoma City and Alabama.
Burns, teaming with George Deuillet III, also in Hendricks' Dallas office, says the seller, GPI Park Ridge Ltd. of Arlington, sold three other complexes, totaling 406 units, in 2005 and 2006. "We had several false starts on Park Ridge," Burns says. "It was the smallest and the most expensive per unit." When the dust cleared, Clarus Investments 6 LLC of Portland, OR was holding a two-acre deed to a 92.4%-leased rental property that will undergo moderate renovations as units turn, Deuillet adds. The going-in cap rate was 7.2%.
Burns says the 21-year-old townhouses, historically 100% filled, are close to the University of Texas at Arlington, with students making up roughly half of the tenant base. The 1,000-sf-plus units have two- and three-bedroom floor plans, with stackable washers and dryers in each apartment in addition to other appliances. The monthly rent averages 60 cents per sf.
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