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19-Year Owners Turn Over 95-Unit Asset for $4M

FARMERS BRANCH, TX-The Truckee, CA couple sells Quebec House Apartments to Centaurus Investments of Hermosa Beach, CA for $3.5 million. The investment group, marking its second buy in three months, wants to amass 1,000 units by year's end.

By Connie Gore | Updated on August 30, 2005

FARMERS BRANCH, TX-A Hermosa Beach, CA investment group has spent $3.5 million for its second multifamily asset in Greater Dallas, scooping up 95 more units in its push to collect 1,000 by year’s end. The latest pickup is Quebec House Apartments, a 95%-leased, class C holding with upside planned via management changes.

Centaurus Investments, led by principals Cross Moceri and John Griggs, bought the 37-year-old complex at 4050 Valley View Lane from its 19-year owners, Grady and Cheryl Kromer of Truckee, CA. Griggs says the acquisition is “a stable asset situated in one of the strongest submarkets in Dallas.”

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