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ARLINGTON, TX-A Brookfield, WI-based investment group, the only bidder on the courthouse steps, has gotten the 128-unit Woodstock Apartments for $2.5 million, buying it for $600,000 less than the original ask. The new owner is poised to pump $5,000 to $6,000 per unit into repositioning and redoing the 80%-leased complex in North Arlington.

The 10-building complex, positioned on 5.7 acres at 2121 Washington Circle, was sold by the Bank of New York Trust Co. of New Albany, OH after searching nearly five months for a buyer on the conventional circuit, according to Thomas Burns, associate partner in Dallas for Phoenix-based Hendricks & Partners. He tells GlobeSt.com that the buyer, MLG Capital 2008 LLC, made a $50,000 non-refundable commitment to show up at the sheriff’s sale on the Tarrant County Courthouse steps. The lone bidder pocketed a deed once held by a nonprofit group from the affordable housing sector.

“It did have restrictions on it, but the foreclosure wiped them out and it will be on the tax roll as a conventional property,” Burns explains. The sales team included associate partner Jay Gunn in Dallas and Hendricks’ Michael Miller in San Antonio.

Built in 1977, Woodstock Apartments is a class C weighted mix of one-bedroom units, ranging from 645 sf to 825 sf. There are 56 two-bedroom units and eight three-bedroom, with floor plans from 985 sf to 1,147 sf. Monthly rents start at $400 and go up to $820. Burns says the take-over puts an in-house leasing and management team on the ground for the new owner.

“There is significant upside in rents by repositioning the property,” Burns says. “It needs a huge infusion of capital to bring it up.” He estimates $5,000 to $6,000 will be put to work for the value-add play.

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