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HALTOM CITY, TX-A Van Nuys, CA couple has bested two other would-be buyers with a full-price offer for the 122-unit North Hills Crest. The 90%-leased asset drew $2.85 million in a two-week run on the market for its one-year owner.

The class C complex at 3501 North Hills Dr. was bought by Earl and Toba Greinetz, 1031 exchange investors getting an 8% cap rate to start their first play in Texas, Peter Hartnett, senior investment adviser in Dallas for Phoenix-based Hendricks & Partners, tells GlobeSt.com. Sam Pettigrew with Magellan Real Estate in Irving, TX represented the buyer.

Hartnett says his seller, MTM Properties LP of nearby Bedford, had invested one year into the repositioning. “They put a little lipstick on it, upped the rent and felt like now was an opportune time to sell,” he says, adding the seller realized 20% to 30% more than he had initially paid. Hartnett says the new owner’s upside will be “to continue to raise rents. It’s just a good bread-and-butter deal.”

Hartnett says the complex’s historical occupancy is 100%. It dropped to 90% during the escrow. But, he adds, the new owners weren’t dismayed. “The new buyer saw that as upside,” he says. “It’s not a homerun, but it’s the best deal out there.”

Developed in 1962, the seven-building complex sits on 5.27 acres just south of Loop 820. It has one- and two-bedroom units averaging 518 sf. Rents average $529 per month.

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