Inside Sale Turns 312 Class A Units for About $23M

RICHARDSON, TX-Investcorp has sold a 312-unit, class A complex to its management company after it swooped in for the close before the sales book could be finished. The holding sold for slightly less than the $23.5-million price tag about to be hung on a 96%-leased asset in the Telecom Corridor.

“It’s every buyer’s dream,” Will Balthrope, senior director for Cushman & Wakefield’s Multi-Housing Group, says of the Sonterra at Buckingham Apartments at 520 Buckingham Place. “It’s in a true barrier to entry submarket and absolutely no land sites near it and only three competing properties to it.”

Balthrope says Investcorp held true to a trend in multifamily sales of late: taking a hit with a pre-payable penalty to sell the asset free and clear of debt. The tactic allowed the buyer, Greystar Real Estate Partners of Dallas, to secure a new loan at a significantly lower interest rate, he says. As for the buy side, he tells GlobeSt.com that “the price they could achieve by selling free and clear was higher than if they’d sold it and the loan assumed.”