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 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.

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