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DALLAS-A limited partnership, led by a Chinese principal, has hawked the 212-unit Claridge Pointe apartments in northeast Dallas for $4.2 million to a San Diego investment group.

Henry Koo, head of 1 Timberlake Inc., owned the 17-building gated complex situated on nearly 4.5 acres for about a decade, Steven Defterios of Marcus & Millichap in Dallas tells GlobeSt.com. Koo had 35 offers on the asking price of $20,283 per unit. Bidding brought a $19,811 per unit closing from Igal Gordon, principal of 8350 Park Lane Associates Ltd.

Built in 1973, Claridge Pointe at 8350 Park Lane is 96% occupied and has an average rent of 72 cents per sf. The pro forma rent, says Defterios, was 76 cents per sf for the complex’s marketing. The average unit size is 825 sf.

Defterios says the upside potential in the rent increase is there for the individually metered units. “People could see the upside,” he says of the high number of offers fielded in less than two months of marketing.

Defterios says Koo bought low, paid cash and sat until two years ago without a significant rehab. Then, he put $1.6 million into a renovation, according to the broker. Thus, little work needs to be done for the buyer’s strategic move to realize some immediate rent gain.

Defterios and David Shaffer, also of Marcus & Millichap, represented the seller, who still owns five other complexes in Dallas-Fort Worth as well as multifamily assets in San Francisco, Sacramento, San Jose and Hawaii. John Barker of Marcus & Millichap in Dallas handled negotiations for the buyer.

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