X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-A first-time commercial investor has paid $100 per sf for an eight-unit multifamily asset in a ready-to-go condo state in the heart of Oak Lawn, a hotbed of development and conversion activity.

The local retiree spent $545,000 or $30,000 less than the ask for the 4031 Holland Ave. building. “There were only two offers and he took it because he came in with such strong terms…a quick inspection and hard earnest money,” John Barker, senior associate in Dallas for Marcus & Millichap Real Estate Brokerage Co., tells GlobeSt.com. Key to the win was a 50-day close for a property that spent less than a month on the market, he says.

The new owner, though, is making plans to redo interiors with hardwood floors and granite counters, according to Barker, who was assisted by Marcus & Millichap’s Will Jarnagin. The one-bedroom units, with two vacancies, have 586 sf to 878 sf, with rents of $750 to $950 per month.

The complex, commonly referred to by just its address, was sold by Luhoff Enterprises Ltd. of Dallas, which is liquidating its multifamily holdings. It acquired the 4031 Holland asset in 1998.

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

*May exclude premium content
Already have an account?

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.