498 Units Sell in Unrelated Deals for $18M

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ARLINGTON, TX-In unrelated transactions, two complexes on opposite sides of the city have been bought by California investors. The 498 units have brought close to a combined $18 million for the sellers.

The just-sold properties are the 250-unit Southern Hills Apartment Homes at 2624 Southern Hills Blvd. and 248-unit Runningbrook Apartment Homes at 1519 Running Brook Dr. The 94%-leased Southern Hills was on the market for $11.5 million and the 88%-leased Runningbrook was up for grabs for $7.41 million. In both cases, the buyers paid “within striking distance of the asking price,” says Tom Burns, associate partner with Hendricks & Partners in Dallas. And both California buyers, he says, are planning holds with three- to five-year horizons.