Los Angeles Investors Close Sale of 49-Unit Complex

GRAND PRAIRIE, TX-A pair of Los Angeles investors have exchanged about $1 million for a 49-unit deed to a suburban complex with a 90% occupancy and upside in a location near Lone Star Park. To close the deal, the buyer assumed a $750,000 loan.

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.