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Multifamily Property Sells for $5M

GRAND PRAIRIE, TX-Buyer hopes that rent increases and better management will raise NOI 60%.

By John McCloud | Updated on December 13, 2007

(Read more on the multifamily market.)

GRAND PRAIRIE, TX-Manor Redevelopment LLC of Addison, TX purchased Royal Oaks Manor apartments at 602 W. Pioneer Pkwy. in Grand Prairie for $5 million. The seller was a partnership of Realty Management Inc. and Miami-based LNR Partners Inc.

The 276-unit class C property was built in 1972. It features 30 one-bedroom units, 184 two-bedroom units and 62 three-bedroom units. The buyer plans to spend $500,000 to upgrade the 255,355-sf property in order to boost rents and raise occupancy. Units average 925 sf. Current rents range from $595 to $825 a month. Manor Redevelopment says rents after upgrades will run from $625 to $866 a month.

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