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WHITE SETTLEMENT, TX-In a 25-day closing cycle, a California investor has practically met the $800,000 ask to get the title to the 16-unit Silver Creek Lofts. The first-time Texas buyer was the highest of eight offers that rolled in during a four-month marketing.

Silver Creek Lofts at 8101 Foxfire Lane had three vacancies at closing time, says Nick Fluellen with Marcus & Millichap Real Estate Investment Brokerage Co. The buyer bought the holding sight unseen, Fluellen tells GlobeSt.com, adding he relied on his local broker Gil Godinez with the Michael Group to size up the all-cash deal. Scott Lamontagne, who heads up a multifamily sales group for Marcus & Millichap, and Fluellen represented the local developer, Arnove M LLC.

The one-bedroom lofts of 729 sf are bringing in $575 per month. The three-year-old Silver Creek sits within walking distance of Lockheed Martin Corp.’s plant, one of the city’s largest employers.

“It’s a really, really well done project,” Fluellen stresses. “It’s high-quality construction and there’s not a lot like it in the metroplex.”

The complex, positioned on a half acre, sold at a near 7.27% cap rate. The projected pro forma is 8.17%, due in large part to a tenancy tied to Lockheed Martin’s workforce.

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