Seller Archon Group's reputation for its upkeep of properties and the location at 12800 Jupiter Rd. sparked the high number of offers for the 22-year-old complex during its five-week marketing run, says Roberto Casas, a Dallas director for Holliday Fenoglio Fowler LP. The Broomfield, CO-based winner was "probably the most qualified buyer and that's why we chose them," he says. "There was a bunch stacked in the same area."
Casas tells GlobeSt.com that the upside for the region's newest owner is "pushing rents and concessions' burn-off." On average, the 91%-leased Madison has been giving away one month on a one-year lease, he says. The average rent is 85 cents per sf while the average unit is 731 sf.
According to the Colorado & Santa Fe website, the Madison is its first multifamily property for a four-million-sf portfolio, which is 41% office, 32% retail and 26% industrial. The HFF dealmaker says Colorado & Santa Fe definitely is looking for more multifamily properties to buy in Texas.
Casas says the buyer is eyeing a five-year hold for the 23-building complex, set on 13.7 acres near the intersection of Interstate 635 and Northwest Highway. Greystar Management Co. of Dallas has been hired to lease and manage the one- and two-bedroom mix. Casas teamed with HFF managing director Bill Miller to ink the deal for the Irving, TX-based Archon, which took over the Madison in 2002 from an investment group in Morristown, NJ.
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