$922,500 Clinches 32 Units, Extra Land

BALCH SPRINGS, TX-A North Texas investor, looking to retire, has cashed in an investment for $922,500, selling a 32-unit multifamily property and an extra acre in a suburb south of Dallas.

The sellers are J.D. and Holly Watson of Balch Springs and the buyer, a private multifamily investor from Dallas-Fort Worth. John Barker and Roger Hendricks, both investment associates with Marcus & Millichap’s Dallas, brokered the transfer of the Pioneer Crossing Apartments for buyer and seller.

The Watsons owned the 18-year-old complex at 12904 Balch Springs Rd. for 10 years. The fully occupied holding brought upward of 15 offers in the three months that it was on the market, Barker tells GlobeSt.com. The reason, he adds, is its location along the busiest street in town, relatively new renovation and 100%-filled status.

Barker says the transaction is the last one that ABN Amro financed in Texas due to skyrocketing insurance costs. The new owner got 80% of the acquisition cost through Amro. “It was pretty challenging,” he says. “The deal was a little tougher to close, but we got the deal done.”

The multifamily property, sitting on three acres, is equally divided into one-bedroom units of 750 sf and two-bedroom designs of 980 sf. A retail-zoned acre fronting Balch Springs Road also was sold. That, says Barker, is likely to stay retail.