California Buyer Wins Race for 111 Class A Units

MESQUITE, TX-A first-time Texas buyer has carried 1031 Exchange capital from California to acquire 111 class A units after placing the top offer out of five for an $8.4-million suburban listing.

A family partnership from Henderson, CA satisfied the full exchange with the Central Park Apartments at 4804 Via Ventura in Mesquite, Tom Warren, associate partner with Hendricks & Partners’ Dallas office, tells GlobeSt.com. The buyer turned around proceeds from the sale of a multifamily property in Southern California and took out additional financing to close an all-cash acquisition minus a debt assumption, he adds. Mark Sixhour with Holliday Fenoglio Fowler LP in Houston arranged financing that required 60% down to meet the exchange structuring.

Warren and Tom Burns, a senior adviser with Hendricks & Partners, had the listing on the market two weeks, locking in five offers for the 94%-occupied holding. The deal closed out the first merchant build project for a Dallas limited partnership, new to the development game, according to Warren.