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Multifamily Sale Sets Off Domino Deal

DENTON, TX-The 226-unit Mack Park Apartments is the first to close for a trust, with eyes on land in Hawaii. The seller has another multifamily property set to close in the coming weeks while the buyer has a shopping center that's going to go.

By Connie Gore | Updated on December 09, 2002

DENTON, TX-A combination of 1031 Exchanges has opened the door for a land sale in Hawaii while transferring the deed to a 226-unit complex in Denton, readying for a closing on another and placing a local shopping center under contract.

The John T. King Trust of Hawaii sold the Mack Park Apartments at 400 Audra Lane to Valley Ranch Investors LP of Dallas. The seller also is hawking a Fort Worth multifamily property while the Mack Park buyer is selling a 9,000-sf shopping center. The deals will wrap up by Dec. 31.

The first link to the chain of deals took about 75 days from start to finish to close, Mike Wells of Wells Asset Management Inc. in Dallas tells GlobeSt.com. The Mack Park complex was 96% occupied at sale time, a level that helped spur bidding and get it under contract within 21 days. Wells Management’s Robert Aiello placed a $7-million acquisition loan with a 10-year term with Credit Suisse First Boston.

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