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NORTH RICHLAND HILLS, TX-A 138-unit multifamily property in Tarrant County has brought close to the $4.4-million asking price in a quick deed-turning from a New York seller to a Denver buyer.

Tarragon Diamond Loch Inc. got 15 offers, five of which were full price, for Diamond Loch Apartments at 6100 Glenview Dr., a 16-building, 91%-occupied holding on 7.9 acres that back up to Diamond Oaks Country Club. The Denver buyer assumed a $3.3-million Fannie Mae loan to mark his third acquisition in Dallas-Fort Worth, Tom Warren of Phoenix-based Hendricks & Partners’ Dallas office tells GlobeS.com.

“They sort of stepped to the front because they were willing to execute the contract quickly and go through the process quicker,” Warren says of a listing that was under contract within a month of coming to market.

The 25-year-old, class B complex has an average rent of $705 per month and units averaging 1,011 sf. There are 50 one-bedroom, 51 two-bedroom and 37 three-bedroom apartments. The new owner’s plan is to make cosmetic improvements, repair minimal deferred maintenance and then raise rents as the market stabilizes, according to Warren, the deal’s sole broker.

The New York seller is in the process of turning the portfolio and replacing older product with newer. Warren says the seller owned Diamond Loch for roughly seven years. “They owned it awhile, did what they wanted to do with it and it was time to sell,” he says.

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