Change Coming for $3.7M Multifamily Purchase

IRVING, TX-Dallas-based AmeriSouth Realty Group has ended a one-year pursuit of a HUD-mortgaged property in Irving, doubling up the $3.7-million acquisition with a $3,500 per unit rehab on the 152-unit Raible Place.

AmeriSouth bought the 98%-leased complex from the Dallas nonprofit, the Raible Place Charitable Trust. The plan is to fix up the 34-year-old complex and significantly raise the rent.

Jeff Ratliff, executive vice president of AmeriSouth Real Estate Services Inc., tells GlobeSt.com that the first order of business was to sever the HUD contract for the South Irving complex near Texas 183 and Loop 12. The deal calls for 40 of the 152 units at 1200 Britain Rd. North to remain subsidized. The plan is to elevate rents to the market rate of 82 cents per sf for a bills-paid property, Ratliff says. The complex at sale time had an average rent of 45 cents per sf. The average unit size is 882 sf.