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DALLAS-In an ongoing turnover of aging multifamily properties, complexes in Mesquite and Garland have changed hands in closings Tuesday that raked in an aggregate $4.3 million for the sellers.

Activity in that segment of the market has picked up considerably in the past two months, Peter Hartnett, vice president of multifamily for Grubb & Ellis Co. in Dallas, tells GlobeSt.com. He has six more older complexes under sales contracts.

In Mesquite, the 52-unit Baker Square Apartments, situated at 1809 Baker Dr., has reaped about $2.6 million for seller Bay Equity Real Estate of California. The investment group bought the complex in November 1998 from a Denver investor for $1.5 million, says Hartnett.

“It’s a real nice little property,” Hartnett says of the fully occupied holding, which has just had $200,000 in upgrades completed. A breakdown of the sales price is a good sign in Mesquite, resulting in $38,461 per unit for the 16-year-old project.

Hartnett represented the seller and Bobby Langford of Camco Realty in Dallas acted for buyer, Kenneth Gorfkle of Colorado. The class B property is positioned in a residential area between US Highway 80 and the 635 Loop.

In Garland, the 86-unit Willows Apartments at 402 E. Kingsley Rd. have brought in about $1.6 million for seller Edward Hulac of Canoga Park, CA. Hartnett represented the seller and buyer, TriPro Services of Dallas.

Built in 1967, the holding was 100% leased at sale time. An estimated $150,000 in upgrades have just wrapped up on the property, also in a residential area. Hulac owned the class C complex for at least 15 years, according to Hartnett.

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