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DALLAS-A 17-unit multifamily property, sitting at the heart of Oak Lawn’s condo construction, has sold to a local investor for slightly more than $1.1 million. The buyer’s value-add plan calls for upgrades and rent adjustments.

Seller Louhoff Enterprises of Dallas sold the Chelsea Apartments at 4203 Holland Ave. in a portfolio liquidation that has deals working on three other area assets, John Barker with Marcus & Millichap Real Estate Investment Brokerage Co. tells GlobeSt.com. Chelsea Apartments have been under his hold for five years.

Barker says Frank Goodrich of Dallas was one of several would-be buyers in the same price range for the 80%-leased asset. He pulled ahead of the pack with the best terms on the table, according to the broker. Goodrich, represented by David Griffen Co. & Associates of Dallas, will lease and manage the complex rather than outsource the job like the seller did.

Barker, who teamed with Marcus’ Will Jarnagin, says the two-week listing baited a half dozen offers, primarily due to a choice location near the intersection of Holland and Wycliff avenues. “It’s definitely a play of long-term value for the area,” Barker stresses. “The area’s just booming with construction.”

Built in 1984 on one-third acre, Chelsea Apartments has 15 one-bedroom apartments ranging from 660 sf to 775 sf and a pair of 1,300-sf, two-bedroom units, all with garage parking. Rents range from $610 to $1,295 per month. And, Barker says, they’re below-market, projecting the new owner has room to push the monthly tab by another $15 to $25.

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