Breaking NewsGlobeSt.com will be offline for scheduled maintenance Friday Feb. 26 9 PM US EST to Saturday Feb. 27 6 AM EST. We apologize for the inconvenience.

 
X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-A private investment group from Austin has met the full $2.3-million ask to best two other offers for the 41-unit Manhattan I, eyeing the dirt more so than the bricks and mortar. The plan most likely is scrape and rebuild as is so common in the high-profile stretch where Highland Park meets University Park and land prices are premium.

Joe Garrett with Sperry Van Ness in Dallas tells GlobeSt.com that the two-building asset on a 0.9-acre tract at 4406 Bowser Ave. sold at a 7.13% cap rate. Manhattan I was 95% leased at sale time in its mix of studios and one- and two-bedroom apartments that range from 701 sf to 1,036 sf. In-place rents begin at $674 and crest at $828 per month.

The buyer couldn’t be reached by press time to comment on his redevelopment timetable, but Garrett has confirmed Manhattan I appears destined for a date with the wrecking ball. The deal’s math works out to $56,098 per unit for 1966 product in a class A location, a development site right at the Highland-University line and within walking distance of Whole Foods and blocks of high-end retail.

Garrett says the trio of offers hit his desk “immediately” after marketing began for the asset, which was sold by Bowser Investments LP of Dallas. The seller, also a developer, had acquired the holding in October 2006, most likely with the same intention.

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. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

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

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