X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ARLINGTON – A 102 unit apartment complex that was under contract four times within the last year has finally been sold to a Pasadena, CA investor who plans to rehab the property and reposition it in the market.

“We finally found the right combination but we never had any shortage of interest,” Jeff Dowdle, of Marcus & Millichap’s Dallas office, tells GlobeSt.com of the Coronado/Hamilton House Apartments, located near the University of Texas at Arlington. “Every time the property came on the market there were 4 or 5 offers. It’s very desirable.”

Zee Properties paid seller KTAO Coronado Ltd., of Houston, 95 percent of the $1.6 million asking price to take ownership of the two-story, garden style units, located within walking distance of the University of Texas campus. Dowdle says the new owners plan to put several hundred thousand dollars into rehabbing the 96 one-bedroom and six two-bedroom units to turn the property around.

The complex fell out of escrow several times in the past because of either financing problems or because the buyers were concerned about the amount of work needed to rehab the units, says Dowdle, who negotiated the transaction.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.