The buyer, anteing up $13,000 more than the ask, took the deedto an 18-unit complex at 1500 O Ave. from Mary Lytle of Dallas, whoturned over her last asset to shore up a retirement plan from themultifamily market, according to Al Silva with Marcus &Millichap Real Estate Investment Brokerage Co. The local investorwas one of handful in the running for the value-add deal. "Evenwith that vacancy, he's still looking at 14% cash on cash return,"Silva tells GlobeSt.com. He says Oak View Apartments traded withoutdeferred maintenance, allowing the new owner to focus on lease-upand eye a possible bump in the rents.

Positioned on a one-third acre tract, the complex has a dozenone-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 salesteam for Marcus & Millichap, were the sole brokers of a38-year-old complex in the city's Old Towne district.