DALLAS-Lennar Partners collected about $1.8 million from a 76-unit foreclosed multifamily property, picked up a year ago from a bankrupt owner and upgraded with $475,200 to bring it into compliance.

A local investor from Irving took title to the Gateway Apartments at 13455 Kit Lane in Dallas with a $1.7-million, two-year bridge loan from TexasBank. Stephen Whitehead, vice president in Dallas for Minneapolis-based NorthMarq Capital Inc., arranged the 75% loan-to-value, prime-based financing.

Peter Hartnett with Hendricks & Partners’ Dallas office tells GlobeSt.com that the Miami-based Lennar had to clear up numerous code violations and dispose of a pending lawsuit before the sale could close. The new owner, he says, is planning to put another $200,000 into interior upgrades of the 3.5-acre property, assessed at $1.4 million by Dallas Central Appraisal District.

The 34-year-old complex was 70% leased at the closing. The mix of one-, two- and three-bedroom apartments ranges from 721 sf to 1,152 sf. Monthly rents run from $510 to $770, generating an annual income of $600,000 based on an average rate of 69 cents per sf.

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