Multifamily Seller's Firm Stance Wins $3.3M

ARLINGTON, TX-An Arizona buyer, with contracts out on two more properties in Dallas-Fort Worth, has spent $3.3 million for a 98%-occupied, 100-unit complex in Arlington.

The Tempe-based investment group secured a loan of more than $2.7 million from Lehman Bros. in New York City to win the deed to Presidents Corner Apartments at 2201 Presidents Corner Dr. in North Arlington. The asset was on the market two years, in escrow six times and at the closing table twice before the deed traded, Peter J. Hartnett, senior investment adviser in Dallas for Phoenix-based Hendricks & Partners, tells GlobeSt.com.

The stickling point came from the seller’s firm stance on the $33,000 per door, according to Hartnett. The seller of record was Texas Bay Presidents Corner LP, a San Francisco-based group that owned the complex for four years, invested in a rehab and was looking to collect on the upside.