KAUFMAN, TX-A Chicago investor, holding deeds to a handful of multifamily assets in the metroplex, has paid $1.6 million or $100,000 less than the ask for another suburban property. The 1031 Exchange play takes over the 60-unit Windtree Apartments in Kaufman County.

Peter Hartnett, senior investment adviser in Dallas for Hendricks & Partners, tells GlobeSt.com that the private investor reinvested exchange capital from a class B multifamily asset for a 96%-occupied, 18-year-old complex at 151 Ebo St. in Kaufman, a county seat with 6,400 residents and 30 miles east of Dallas. The deal closed with a LaSalle Bank loan arranged by James Osgood with Dallas-based BMC Capital LP.

The Windtree Apartments, positioned on nearly 2.4 acres and within walking distance of Presbyterian Hospital, has five two-story buildings. There are 20 one-bedroom apartments, each 638 sf, and 40 two-bedroom units with 690 sf apiece. The monthly rent averages $500 or 74 cents per sf.

Hartnett negotiated on behalf of the seller, HCH Properties of Addison, TX, while Derrick Cabellero of Phillips Commercial in Dallas handled talks for the buyer. Hartnett says the class B Windtree Apartments was on the market about a year, with four contracts falling out for different reasons. “It was a great little deal,” he says, “and a good, patient seller. Sometimes, it’s hard to sell a deal when it’s 30 miles from town. Once we got the right guy in there, it went real smooth.”

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

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

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 © 2024 ALM Global, LLC. All Rights Reserved.