McKinney Complex Baits Near $27-Mil Sale in Bidding War

McKINNEY, TX-The Grubb & Ellis Co. Dallas team of Don Ostroff and Will Balthrope has done it again, hawking a class A multifamily property at a high ticket. The near $27-million sale of the 351-unit El Lago complex in McKinney takes the team to a sales volume of roughly $150 million in the past year.

A California-based investor, whose identity is not being released, has grabbed the title from CAT Eldorado Ltd., the Texas seller of record. Cumberland Allegiance developed the property at 3400 Craig Dr. in 1998. “It is one of the few class A sales this year in Collin County,” Balthrope tells GlobeSt.com, “and it is a good indicator that investors are still interested in the northern fringe submarkets despite the overbuilding and concession situation.”

The selling price is being kept under wraps, but it did come close to the $27-million asking price, GlobeSt.com was told. El Lago went on the market in April and shortly thereafter went under contract to a large REIT. The option fell through, driving a nationwide marketing strategy that had about 10 would-be buyers jockeying for the holding, says Balthrope.