LNR Gets About $5M for 229 Foreclosed Units

DALLAS-A local investor, up against the deep pockets of a California-based buyer, has scored the win for a 229-unit complex by going hard with $250,000 during the run-off. The prize is a 70%-leased complex in Northwest Dallas, where the new owner already has 1,471 units in hand.

Buying as Granite Redevelopment Properties LP, Tim Gillean outmaneuvered eight others for a recently renovated Canyon Creek Village at 3130 Lombardy Lane, which was foreclosed upon six months by Miami Beach-based LNR Partners Inc., Peter Hartnett, senior investment adviser in Dallas for Hendricks & Partners, tells GlobeSt.com. “It. was extensively renovated,” he says. “Every unit was in working order and rentable at the time of closing.” The 15-building asset on 8.72 acres was marketed for $5.95 million; its Dallas County assessment is $5.46 million.

Gillean, holding true to his MO, will be changing the name, doing additional upgrades and sliding in his own management company in a re-branding campaign to lift occupancy, according to Hartnett. “He will have that place ship-shape in six months,” he adds. “He’s a terrific owner and a great buyer. It needs very, very little work, but knowing Tim, he will be adding first-class touches. It will be a homerun.”