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FORT WORTH-A first-time Texas buyer, looking for more properties to buy, has paid close to the $1.7-million ask for the 49-unit McCart Apartments, one of the few complexes within walking distance of Texas Christian University.

Candace Graham of Portola Valley, CA got a 93%-leased holding at 2809 McCart Ave., which has had a historically high occupancy because it’s the closest rental property to the TCU campus, Jay Gunn with Hendricks & Partners’ Dallas office tells GlobeSt.com. “Her upside is the proximity to TCU and the growth of the university and the lack of housing over there,” he says. He and colleague Sam Lewis represented the seller, McCart Venture Ltd. of Plano, a four-year owner now in the midst of “rebalancing” its portfolio.

Gunn says Graham, who’s looking at other possible acquisitions in the area, was up against five others for the well-maintained complex. “It’s pretty much ‘take the keys and go,’” he says. The mix consists of one efficiency, 40 one-bedroom units and eight two-bedroom apartments, averaging 548 sf. The average monthly rent is 98 cents per sf.

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