(To read more on the multifamily market, click here.)
ARLINGTON, TX-In unrelated transactions, two complexes onopposite sides of the city have been bought by Californiainvestors. The 498 units have brought close to a combined $18million for the sellers.
The just-sold properties are the 250-unit Southern HillsApartment Homes at 2624 Southern Hills Blvd. and 248-unitRunningbrook Apartment Homes at 1519 Running Brook Dr. The94%-leased Southern Hills was on the market for $11.5 million andthe 88%-leased Runningbrook was up for grabs for $7.41 million. Inboth cases, the buyers paid "within striking distance of the askingprice," says Tom Burns, associate partner with Hendricks &Partners in Dallas. And both California buyers, he says, areplanning holds with three- to five-year horizons.
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