Texas Newcomer Pays $1M for 56-Unit, 95%-Leased Asset

IRVING, TX-Eyeing the stability in the property’s cash flow, another California multifamily investor has made his way to Texas, spending 98% of the $1.4-million list price to win a 95%-leased, 56-unit complex.

The private investor from Angwin, CA, bested a handful of would-be buyers with the top offer for Oak Grove Apartments at 511 E. 6th St. in Irving, which came to market because the 11-month local owner needed to drum up cash to bail out another multifamily property in the Dallas area, John Barker with Marcus & Millichap’s Dallas office tells GlobeSt.com. All in all, the deal, he says, “went pretty smooth” after being on the market 30 days and closing 70 days later. Al Silva, also with Marcus & Millichap in Dallas, assisted with the transaction.