(Read more on the debt and equity markets.)
COPPELL, TX-Houston-based CNC Investments Ltd. has bested at least 25 other would-be buyers to win the value-add rights to the 398-unit Townlake of Coppell complex. To show the upside to be made from a renovation, the seller did a test drive of 10 apartments.
CNC Investments claimed the deed for the 215 N. Moore Rd. development from CWS Capital Partners LLC of Newport Beach, CA. Roberto Casas, a director in Dallas for Holliday Fenoglio Fowler LP, tells GlobeSt.com that the sampling of renovated apartments yielded an average of $100 more per month per unit at the 95%-leased complex. Pre-renovation rents for the one-, two- and three-bedroom units, ranging from 986 sf to 1,093 sf, are $805 to $1,270 or $915 on average.
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