Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-Eight 21-year-old rental units in Greenville Avenue’s entertainment district have brought $93,750 apiece from a local buyer, armed with a plan to convert the two-building complex into condos. The deal’s sweet spot is the units are already condo deeded.

Bermini Ltd. of Dallas, now liquidating its multifamily holdings, got within $45,000 of its $795,000 ask for a gated complex on a half-acre at 6015 Oram St. The buyer of record is Georgetown Village Apartments Ltd., a local investor who’s in the process of converting three other small properties in the metroplex, according to John Barker, senior associate for Marcus & Millichap Real Estate Investment Brokerage Co.’s Dallas office.

“It’s the highest price per unit in East Dallas for an ’80s product,” Barker tells GlobeSt.com. The high price, he explains, was driven by its condo-deeded, class B-plus status, including individually metered units and private garages to sweeten the future sales prospects.

Barker says the new owner put down 23% and secured a $618,000 loan from Chicago-based LaSalle Bank. The five-year, 6.27% fixed-rate financing includes capital to cap off the play with a rehab, he says. “He typically buys, puts money into it and sells out,” says Barker, who teamed with Marcus & Millichap associate Will Jarnigan to close the deal.

The complex, with one vacancy at sale time, has three one-bedroom units with 1,250 sf each; one two-bedroom apartment with 1,360 sf; and a quartet of two-bedroom designs with 1,428 sf. Monthly rents are $995, $1,195 and $1,295.

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 Fall 2021Event

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

Get More Information


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.