The first-time Texas buyer deployed gain from a multifamily asset sale in Encino to buy the 7.46-acre property at 2835 Villa Creek in North Dallas, according to John Barker, senior investment associate for Marcus & Millichap Real Estate Investment Services in Dallas. He tells GlobeSt.com that 13 offers, mostly local private investors, went on the table in a two-week marketing due in part to the class C complex's location at Interstate 635 and Jupiter Road, with direct freeway access. "The upside is the value and the area," he explains.
Barker says the local seller's nod was prompted by the California exchange buyer's interest in the deal. "He flew into town, walked the property and put in some very good terms," he stresses.
The investment property's mix is weighted with two-bedroom units from 800 sf to 1,184 sf. The remaining apartments go from 761 sf to 1,287 sf. Rents range from $525 to $725 per month.
Barker says the buyer intends to do cosmetic upgrades and renovate units, as needed, but the cap-ex budget has yet to be set. The going-in plan, he says, calls for a three- to five-year hold.
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