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$5M Takes 276-Unit Complex in Receivership

GRAND PRAIRIE, TX-Tim Gillean of Dallas emerges as the buyer for the 40%-leased Royal Oaks Manor, thanks to an exclusion rating by the lender and a bid hovering $5 million.

By Connie Gore | Updated on December 03, 2007

GRAND PRAIRIE, TX-A well-known local repositioning pro of vintage multifamily properties has pocketed a 276-unit value-add, thanks to an exclusion rating by the lender and a bid in the $5-million range. The new owner is starting the play at Royal Oaks Manor with 40% occupancy.

Tim Gillean of Dallas, who buys and immediately renovates, is ready to tear into the 39-building class C complex on 15 acres at 602 W. Pioneer Pkwy., which was in receivership through Realty Management Inc. of Tomball, TX on behalf of Miami Beach, FL-based LNR Properties Inc, according to to Peter Hartnett, associate partner in Dallas for Phoenix-based Hendricks & Partners. He says another national brokerage house had the listing and prospective buyers in the pipeline. “LNR listed Tim as an exclusion to the agreement. They liked the fact that Tim has such a good reputation. And when it came to crunch time, Tim had the strongest offer,” Hartnett tells GlobeSt.com.

Royal Oaks Manor was sold two years ago to a Richmond, CA-based investment group for $7.2 million. “This is very indicative of where the class C market is going,” he says, explaining yesteryear’s higher priced multifamily assets are making their way back to the market at significantly lower asks.

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