41-Unit Sale Opens Redevelopment Door

DALLAS-A private investment group from Austin has met the full $2.3-million ask to best two other offers for the 41-unit Manhattan I, eyeing the dirt more so than the bricks and mortar. The plan most likely is scrape and rebuild as is so common in the high-profile stretch where Highland Park meets University Park and land prices are premium.

Joe Garrett with Sperry Van Ness in Dallas tells GlobeSt.com that the two-building asset on a 0.9-acre tract at 4406 Bowser Ave. sold at a 7.13% cap rate. Manhattan I was 95% leased at sale time in its mix of studios and one- and two-bedroom apartments that range from 701 sf to 1,036 sf. In-place rents begin at $674 and crest at $828 per month.