PLANO, TX-A North Texas investor has paid $41,000 per unit for the 85%-leased Oak View Apartments in an all-cash closing with a three-decade owner.

The buyer, anteing up $13,000 more than the ask, took the deed to an 18-unit complex at 1500 O Ave. from Mary Lytle of Dallas, who turned over her last asset to shore up a retirement plan from the multifamily market, according to Al Silva with Marcus & Millichap Real Estate Investment Brokerage Co. The local investor was one of handful in the running for the value-add deal. “Even with that vacancy, he’s still looking at 14% cash on cash return,” Silva tells GlobeSt.com. He says Oak View Apartments traded without deferred maintenance, allowing the new owner to focus on lease-up and eye a possible bump in the rents.

Positioned on a one-third acre tract, the complex has a dozen one-bedroom apartments, each 650 sf, and eight two-bedroom units, with 850 sf apiece. Rents are $580 and $650 per month, respectively. Silva and John Barker, head of a multifamily sales team for Marcus & Millichap, were the sole brokers of a 38-year-old complex in the city’s Old Towne district.

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?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

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 © 2024 ALM Global, LLC. All Rights Reserved.