The class-C multifamily property is located at 2880 Peavy Rd. An estimated $500,000 of renovations had kicked off as soon as the final papers had been inked, Sam Lewis, vice president of Grubb & Ellis' multifamily division, tells GlobeSt.com.
The property had been 85% occupied at sale time. With the owner change comes a management change to Fairmont Management of Dallas. "That's a good sale for area. What's also good for the area is it's going to be managed by a good group," says Lewis, who is the sole broker for the deal. The seller is Dallas Royal Oaks Ltd., a California LP, while the buyer's identity is being kept under wraps.
The 28-year-old complex is located in a mature section of the city and is flanked by other multifamily and single-family properties. Lewis says the complex, comprised of two-story buildings, is highly competitive with its "surrounding environment."
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