Start to finish, the sale of the Greenhill Apartments at 403 Small Hill Dr. in Grand Prairie took four months to close due to the assumption, says Chris Deuillet with Marcus & Millichap's Dallas office. The loan, held by Cleveland-based KeyBank, matures in 2011 and is locked in with a 7.76% interest rate, he tells GlobeSt.com.
Greenhill Apartments was listed at $1.1 million. The new owner, who bought Delta Plaza in Fair Park nine months ago, paid within 2% to 3% of the asking price for his second property in Texas, Deuillet says, adding three other investors surfaced in a six-week marketing period. "This was top of the market for this property with the assumption in place," he explains.
The seller of record, Greenhill Apartments LLC, acquired the complex in 2001, the smallest of his three Dallas/Fort Worth properties, says Deuillet, who brokered the deal along with Marcus & Millichap's John Barker. "He's actually cashing out, taking some money back to California...for a large retail development there," he says.
The class C complex, with an all-bills paid set-up, will be run "as is" with a third-party management company, according to Deuillet. The 36-year-old complex is a mix of 11 efficiencies of 430 sf and renting for $455 per month; 22 one-bedroom apartments, 630 sf for $555; and 16 two-bedroom units, 830 sf for $660.
Greenhill Apartments sits on 1.3 acres, positioned within two miles of Lone Star Park, home of the 2004 Breeders Cup. Deuillet says that proximity along with retail development nearby and the Dallas Cowboys' 2008 move to Arlington is fueling interest in properties along the Interstate 30 corridor.
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