Unlike last week's acquisition, this week's buy has upside in the 15% vacancy at the Sierra Trails at 2800 Las Vegas Trail in West Fort Worth, John Barker with Marcus & Millichap in Dallas tells GlobeSt.com. Once again, Majestic Realty of Dallas has been hired to oversee the asset. For previous story, click here.
The buyer assumed a loan pushing $1.7 million with GMAC Mortgage Corp. of Horsham, PA and applied the balance of his gain from the California sale to close the deal, says Barker who along with Marcus & Millichap's Chris Deuillet closed the sale for the buyer. Another $150,000 has been ticketed for upgrades to the 64 one-bedroom apartments, 48 two-bedroom units and four townhouses. The units of 770 sf, 1,100 sf and 1,200 sf rent for $456, $574 and $627 per month, respectively.
The seller is a limited partnership, led by Robert Spencer of Provo, UT, who acquired the class C holding in April 2003. Tarrant County has the 5.3-acre asset assessed at $2 million.
The seller's broker, Ken McGovern of Equitable Income Properties Inc. of Fort Worth brought the listing to Deuillet, one of a select group who got to see the offering before it went to market, the brokers say. Deuillet says he immediately put the deal before his colleague, setting up a play that took 70 days to close due to the loan assumption.
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