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GRAND PRAIRIE, TX-A Southern California investor closed on the $1.05 million purchase of the Greenhill Apartments, a 50-unit rental complex at 403 Small Hill Rd., The deal went into contract in November after an August repricing to reflect current market realities brought renewed interest from buyers.

“It sat on the market for a while doing nothing,” reports Sam Pettigrew, a vice president at the Cantrell Co. in Dallas who represented the seller with Cantrell associate broker Elliott Carpenter. “After the asking price was reduced, we had a number of offers.”

Pettigrew describes the seller as a private investment group with no other assets in Texas. “They had owned the property for a little over three years,” he says. “They wanted to take their equity out and look for another property.”

The Class C property was 93% occupied at the time of sale, with rents from $435 to $595 a month. It has a mix of studios and one-bedroom units ranging from 430 square feet to 850 square feet. Amenities include a swimming pool and on-site laundry.

Pettigrew says the buyer, an individual investor, was attracted to the complex’s below-market rents. “Even though it’s Class C, he saw upside opportunity. He plans to push the rents up a little bit,” the Cantrell broker tells GlobeSt.com. Grand Prairie has a “pretty tight” apartment market, he adds, with most multifamily properties reporting occupancy levels above 90%.

Maurice Benitah, an apartment building specialist with Keller Williams in Beverly Hills, CA, represented the buyer.

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