Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.