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288-Unit Complex Sells for $7M Plus

MESQUITE, TX-Centaurus Investments does what other would-be buyers could not--close the deal for the 92%-leased Oakwood Village, a class C complex with a lengthy foothold along a primary freeway. The deal requires a $5.8-million loan assumption.

By Connie Gore | Updated on November 21, 2005

MESQUITE, TX-A pair of California investors, closing a deal that two others failed to complete, has paid $7.2 million for a 288-unit complex with nearly one-third mile of frontage along a primary freeway in the northeastern suburbs.

“At $25,000 per door, it’s well below the other comps that we’re seeing,” says John J. Griggs III, principal in Centaurus Investments of Hermosa Beach, CA. He and partner, Cross K. Moceri, scooped up the deed to Oakwood Village, a 38-building complex on nearly 12 acres at 2735 E. US Highway 80.

The partners say they plan to change the look of the class C complex’s exterior, possibly the name too, to heighten curb appeal for the lengthy foothold along US Highway 80. “It will be mainly cosmetic. The buildings are in fairly good condition,” Griggs says.

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