X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.