The private investor from Angwin, CA, bested a handful ofwould-be buyers with the top offer for Oak Grove Apartments at 511E. 6th St. in Irving, which came to market because the 11-monthlocal owner needed to drum up cash to bail out another multifamilyproperty in the Dallas area, John Barker with Marcus &Millichap's Dallas office tells GlobeSt.com. All in all, the deal,he says, "went pretty smooth" after being on the market 30 days andclosing 70 days later. Al Silva, also with Marcus & Millichapin Dallas, assisted with the transaction.

The buyer satisfied the exchange from a multifamily sale in hishomeport and teamed proceeds with a 10-year loan from theChicago-based LaSalle Bank to secure the class C property,according to Barker, who single-handedly brokered the sale. Thefinancing cleared with a 75% loan-to-value ratio and 6% fixed-rateinterest.

"It was more of a cash-flow appreciation deal," Barker explains."He's got a little room to move on the rents." He estimates OakGrove units could get another $25 to $30 per month for the newowner. The three-building complex's one-bedroom units, with 550 sf,now rent for $500 per month, all bills paid. Barker says MajesticRealty of Dallas has been hired to oversee the property, developedin 1958.