IRVING, TX-Eyeing the stability in the property’s cash flow, another California multifamily investor has made his way to Texas, spending 98% of the $1.4-million list price to win a 95%-leased, 56-unit complex.

The private investor from Angwin, CA, bested a handful of would-be buyers with the top offer for Oak Grove Apartments at 511 E. 6th St. in Irving, which came to market because the 11-month local owner needed to drum up cash to bail out another multifamily property in the Dallas area, John Barker with Marcus & Millichap’s Dallas office tells All in all, the deal, he says, “went pretty smooth” after being on the market 30 days and closing 70 days later. Al Silva, also with Marcus & Millichap in Dallas, assisted with the transaction.

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

“It was more of a cash-flow appreciation deal,” Barker explains. “He’s got a little room to move on the rents.” He estimates Oak Grove units could get another $25 to $30 per month for the new owner. The three-building complex’s one-bedroom units, with 550 sf, now rent for $500 per month, all bills paid. Barker says Majestic Realty of Dallas has been hired to oversee the property, developed in 1958.

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