X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-A class B multifamily complex, sitting in a class C neighborhood, has traded for “north of $3 million” after the condo listing for 72.5% of the units brought out nine offers. The 70 apartments in the 98-unit Town Creek Condominiums were 98% occupied at sale time.

Town Creek Condominiums at 9727 Whitehurst Dr. will remain rental properties, Tom Burns of Phoenix-based Hendricks & Partners’ Dallas office, tells GlobeSt.com. Cezanne Corp. of Dallas sold the asset at an 8% cap to Town Creek Condominiums LP of Provo, UT.

The new owner gets majority control in the homeowners association, which owns the land, and units with minimal deferred maintenance. Town Creek, built in the mid-1980s, was on the market for nine months at an asking price of $3.7 million.

The Utah buyer used 1031 Exchange capital from a California multifamily sale and financing from Cleveland-based KeyBank to acquire the property in the Lake Highlands neighborhood. The seller owned the 70 units for the last decade and will continue to own a property right across the street, Burns says. The Town Creek units average 764 sf, with a median rent of $695 per month.

Burns represented the seller. Mark Feldman in Hendricks’ San Francisco office brokered the transaction 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?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

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.