Dallas Investment Group Pays About $2M for 130-Unit Seniors Complex

FORT WORTH-A 130-unit, seniors housing complex, on the market less than a week, has passed from a Boston-based partnership to a local investment group from Dallas, which used 1031 Exchange funds for an acquisition hovering $2.4 million. The Southwest Fort Worth purchase is a fully occupied subsidized property.

The limited partnership buyer of record, O’Connor Place LP, bested 10 others for Normandale Place at 8713 S. Normandale St., Jeff Ratliff, executive vice president for AmeriSouth Real Estate Services in Dallas, tells GlobeSt.com. “At the end of the day, the seller went with the local buyer because they had the best chance of making the deal work,” he says. “They were the most responsible operator, but not necessarily the highest price.”

Normandale Place was built in 1971 as a HUD-subsidized project. The seller’s property overseer, Encore Property Management of Dallas, will stay in place for six months to train the new owner in the operation of a seniors project, says Ratliff, the deal’s sole broker.