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 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.

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