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Orix Sells 100-Unit Value-Add

COMMERCE, TX-The Village Apartments' foreclosure story ends with a sale to a local homebuilder, who pays 97% of the $2-million ask to beat 16 others in the chase.

By Connie Gore | Updated on November 12, 2007

(Read more on the multifamily market.)

COMMERCE, TX-A North Texas homebuilder, staking his first multifamily property claim, has paid 97% of the $2-million ask for a foreclosed complex in an outlying city east of Dallas. The 100-unit Village Apartments has traded with 20 renovated units and enough construction materials to finish the balance.

John Applewhite, an independent broker, represented the local buyer, who bested 16 other offers for the 33%-leased complex at 2231 Live Oak St., according to the deal’s broker. Sam Pettigrew, vice president for the Cantrell Co. in Dallas, and associate Elliott Carpenter took the deal full circle with an eight-day run on the market, 18-day inspection period and closing 68 days later for Orix Capital Markets LLC, the asset’s Chicago-based special servicer and master services that initiated the foreclosure against the former owner of the class C, 35-year-old complex.

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