The property at 301 N. Farm-to-Market 1417 since 2001 had been in foreclosure since late last year. "Woodbridge was about 47% occupied when the former owners foreclosed in December," says Tom Burns, associate partner with Hendricks & Partners' Dallas office.
Burns, who worked with Hendericks & Partners' Jay Gunn on behalf of Centerline in Irving, TX, tells GlobeSt.com that Trost Family Trust beat out eight other offers on the asset because he knew the area and product type, and offered all cash for the deal. "He'd already owned two properties in the Sherman market and sold them, though he might still have a small interest in them," Burns says.
Burns notes that the class C complex is in an area containing different classes of multifamily complexes. Furthermore, the area isn't far from major employers such as Texas Instruments Inc. Procter & Gamble, Tyson Foods, Raytheon and SC Johnson Inc.
In addition to a low occupancy, the rents are below market, providing more upside opportunity. "This is on top of a hill, in a very pretty location," Burns adds. "I think the buyer thought it worth the effort to fix it up and hold it for awhile."
Woodridge Apartments offers one- and two-bedroom units, with measurements between 680 square feet and 960 square feet. The rents are from $410 to $545 a month.
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