California Buyer Bests 17 Others for 360 Units

CARROLLTON, TX-Hall Financial Group has hawked a 360-unit complex with a “solid class B” ranking to a Foster City, CA-based investment group. Word on the street is the heavily chased deal came close to the $17.5-million ask.

Edentree Apartments, built in 1983 by Trammell Crow Co., was one of the last assets in the area for the three-year disposition of multifamily properties accrued in the mid- to late 1980s and 1990s by the Frisco, TX-based Hall. “It was one of the most heavily offered on deals that I’ve seen in awhile,” Tom Burns, associate partner in Dallas for Phoenix-based Hendricks & Partners, tells GlobeSt.com. “It’s a good solid B and had a story to tell.” The 90%-leased complex at 1721 E. Frankford Rd. drew 18 offers during a three-month market run.

Eyeing a three- to five-year hold, the buyer of record is Carrollton Edentree LP, which plans to update unit interiors to gain room for a rent hike. The ticketed changes, Burns says, could generate $50 to $100 per month per unit “depending on the level of upgrades that they do.” Rent now averages $670 per month or 82 cents per sf.