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1031 Exchange Buyer Nabs 161-Unit Value-Add

FARMERS BRANCH, TX-A first-time Texas buyer beats a dozen other offers with a $4.82-million bid for the 90%-leased London Creek/Villa Creek apartments.

By Connie Gore | Updated on November 19, 2007

FARMERS BRANCH, TX-A 1031 exchange buyer from Encino, CA has outbid a dozen other would-be buyers with a $4.82-million offer or just $10,000 less than the ask to win a 161-unit value-add with some renovated units. The new owner, keeping the on-site team in place, is beginning the reign with 90% occupancy at the London Creek/Villa Creek apartments.

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.

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