(To read more on the multifamily market, click here.)
DALLAS-With 3,000 of his 7,800 units positioned in northeastDallas, a private investor from El Paso has scooped up 966additional apartments in the submarket in two transactions from asubsidiary of Ocwen Financial Corp. The all-in investment,including the renovation tab, will end up as a $26-million to$30-million repositioning play.
"We do like to get a big footprint in a specific area," saysRichard Aguilar, president of Cash Investments LP and IntegrityAsset Management Co. He tells GlobeSt.com that he plans to buyanother 3,000 to 4,000 apartments this year, with the next closingcoming in 45 days--500 more units in Dallas. In 2.5 years ofbuying, he's acquired 3,700 units in Dallas/Fort Worth, 352 inAustin and the 3,748 balance in his homeport, El Paso.
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