Rodney Johnson Properties took the deed to 3901 Hawthorne Ave. from three-year owner, S&R Skinner Ltd., also from Dallas. "It wasn't the highest offer, but it was the one that was going to close," Steven Defterios of Dallas-based Henry S. Miller Commercial tells GlobeSt.com.
Teaming with Henry S. Miller Commercial's Kevin Ward, Defterios says 21 offers rolled in from condo and apartment investors alike from California, Florida, Chicago, Minnesota and Nevada as well as the local set. "Some were looking at the site to scrape and build," he says. The 11,154-sf, triangular parcel and neighborhood's 36-foot height restrictions, though, eliminated that as a readily feasible prospect, he adds.
The unnamed complex, built in 1961, was 80% leased at sale time. The one-bedroom units are 650-sf designs and two-bedroom apartments, 850 sf. The average rent was unavailable by deadline.
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