IRVING, TX-A couple from Los Angeles, picking up the play just as a would-be buyer was getting benched, has acquired the 116-unit Casa Bella Village at a 9% cap rate. The class C, value-add complex drew 20 offers, pushing the final tab close to the $3.85-million ask.

The complex, consisting of two phases at 851 S. Irving Heights Dr., was 92% occupied at sale time. “We sold this on a true 9 cap,” says John Barker, senior associate and director for Marcus & Millichap Real Estate Investment Services’ national multi-housing group. As a result, the class C asset’s final price was slightly higher than a run-of-the-mill peer.

Barker tells that the buyer rescued the play when the second of two contracts failed to clear the closing table. “They came in at the right time with a very strong price and terms,” he says. “We closed in 60 days.”

The buyer financed the acquisition with an 80% loan-to-value package from BMC Capital LP in Dallas, which had Steve Seiling as the originator. Barker says the couple was on the downleg of a 1031 exchange for a multifamily sale in Los Angeles that had closed two weeks before placing the contract for the local purchase. The seller of record is Casa Bella Village LP, also from Los Angeles.

Barker says the new owner “bought it strictly as a cash-flow deal.” The one- and two-bedroom units, ranging from 650 sf to 986 sf, rent for $515 to $640 per month. According to the marketing flyer, the pro forma rents are $540 to $665 per month. The 19-building complex, positioned on 5.44 acres, had its first phase completed in 1968 and the second one in 1971. George Nassif of Majestic Realty Services Inc. in Dallas will lease and manage the asset.

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