The TIC buyer is jumping into an $800,000 renovation of WalnutCreek Apartments at 5901 Valleycreek Lane, with unit interiors onthe "to do" list as well as some deferred exterior maintenance,says John Barker, senior associate in Dallas and director of themulti-housing group for Marcus & Millichap Real EstateInvestment Brokerage Co. He tells GlobeSt.com that the new ownermade the close with exchange funds from the sale of a multifamilyproperty in the Phoenix metro and Fannie Mae financing at a 50%loan to value and 6.6% fixed-rate interest.

Barker says the 10.5-acre Walnut Creek was on the market nearlyfour months, reeling in at least 17 offers from would-be buyers, apack that included only two local investors. He says Rohnert ParkCenter LP took the win with the highest offer: 95.5% of the$10-million ask.

The 89%-leased Walnut Creek contains one- and two-bedroom unitsfrom 748 sf to 1,060 sf. Barker says the buyer's upside lies inpossible 5% rent hike after the renovation is done. Right now, theunits are fetching $559 to $770 per month. The gated complex, withfireplaces in units, sits just south of Parks Mall and close toInterstate 20 and Tarrant County Community College's south campus."This will be a good asset for the buyer once he renovates andstabilizes it," Barker adds.