20 Units Bring $700,000 Cash

DALLAS-A 20-unit complex in the Oak Lawn submarket of Dallas has traded for $700,000 in cash after being on the market for three months.

Age-wise, it’s a class C, but a significant renovation two years ago raises the perception of the Trails Apartments, Sam Lewis of Phoenix-based Hendricks & Partners’ Dallas office tells GlobeSt.com. The 90%-occupied asset at 4335 Cedar Springs has been put into the hands of a private investor from Dallas, who paid $700,000 in cash, Lewis says. A Sausalito, CA-based investment group, MS The Trails LP, is the seller of the complex, built in 1966 and renovated in 2001.

The three-building complex has units of one- and two-bedroom designs, ranging from 422 sf to 922 sf. The monthly rent averages 96 cents per sf.

Lewis represented the buyer, who owns other condo properties in Dallas. George Deuillet III, also with Hendricks & Partners in Dallas, negotiated for the seller of the gated half-acre asset.