ARLINGTON, TX-A repeat buyer from La Jolla, CA, has paid nearly $1.6 million for 73 more units in Arlington, triggering a 1031 Exchange for both sides of the closing table. As before, it’s a value-add play with a renovation right around the corner.

The private investor from La Jolla bought the St. Charles Place complex at 1315 N. Cooper St. from Yongshik Kim of Dallas, who ended a 14-year hold with the class C sale, Tarrant County tax records show. The four-building asset on 2.4 acres was 85% occupied at sale time.

Christopher Deuillet with Marcus & Millichap’s Dallas office tells that the buyer was one of two offers close enough to full price that the decision was made to close out marketing after three weeks on the circuit. “It wasn’t the asking price, but it was very close to it,” he says, adding the deal went full circle in 90 days.

Deuillet says the promise of a Dallas Cowboys’ stadium in Arlington has piqued investors’ interest in all types of properties along Interstate 30, particularly streets relatively close to AmeriQuest Field, the Texas Rangers’ homeport and one of the proposed sites for the Cowboys’ new turf. “People are hedging bets on where the Cowboys will end up,” he says. Not only does St. Charles Place fit into the perimeters being eyed by investors, but it’s across the street from an elementary school and fronts a recently widened primary thoroughfare.

St. Charles Place’s new owner is readying a plan to upgrade interiors for the repositioning strategy. The unit mix is 25 one-bedroom designs and 48 two-bedroom apartments, with 650 sf and 850 sf, respectively. Monthly rents are $450 and $550.

Deuillet says the buyer used capital from a 1031 Exchange of a multifamily property in California and secured a 10-year loan with a sub-6% fixed-rate interest through Chicago-headquartered LaSalle Bank. The 80% loan-to-value financing was arranged by Boyd Burton of Marcus & Millichap Capital Corp. The seller, who got about $21,000 per unit, also intends to complete an exchange, but the decision’s still out about the replacement property, according to Deuillet.

The La Jolla buyer started buying multifamily properties in Dallas/Fort Worth about 18 months ago. He owns one other complex in Arlington. “He likes Arlington,” says Deuillet, who represented the seller along with Marcus & Millichap’s John Barker. Jeff Dowdle, also with Marcus & Millichap, brought the buyer to the table.

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