X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FORT WORTH-A fully leased, six-unit complex has sold for $200,000 or $40,000 less than the ask to a local investor in a face-off with three other would-be buyers.

The Mt. Vernon Apartments at 3024 Mt. Vernon St. is now in the hands of the Jeremiah Land Co., which laid cash on the line to get the deed, according to Chad Huffhines with Marcus & Millichap Real Estate Investment Brokerage Co.’s Dallas office. “It didn’t go for the highest offer,” he tells GlobeSt.com. “It went for better terms.”

Huffhines says the local seller was cashing out after two years to reinvest in another type of investment. The deal went full circle in 90 days. He and Marcus & Millichap’s Scott Lamontagne represented buyer and seller.

Built in 1950, the complex contains 500-sf efficiencies and 600-sf one-bedroom units. Rents are $500 and $600 per month.

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?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.