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DALLAS-A 19-unit apartment complex, with an $825,000 asking price, has sold to a first-time multifamily buyer from Dallas.

The Courtyard Apartments at 4238 McKinney Ave. was on the market six weeks before it went under contract. Ninety days later, the deal closed with the new owner assuming a loan with Horsham, PA-based GMAC Mortgage Corp., Brent Boone with the Dallas office for Phoenix-headquartered Hendricks & Partners tells GlobeSt.com.

Boone isn’t saying much about the buyer’s identity, other than it’s a private investor who until now built and sold single-family homes. The buyer of record is 4238 McKinney Avenue Dallas LLC while the seller is Marks/Bloom McKinney Apartments Ltd., a pair of private investors from Addison who acquired the asset five years ago. He says the sellers unloaded the holding because it didn’t fit with the rest of their portfolio, all 200- to 300-unit properties.

The 91%-occupied Courtyard Apartments has units that average 586 sf and rent for $1.08 per sf, Boone says, noting only minor cosmetic improvements are needed. There are 14 one-bedroom units and five two-bedrooms in the 30-year-old building, situated two blocks south of the Knox Street shopping area, an eclectic mix of upscale retail and restaurant venues. “It was a location-driven sale. There’s no question,” Boone says of a complex bearing a $525,000 assessment by the Dallas Central Appraisal District.

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