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1031 Exchange Buyer Takes 102-Unit Complex

DALLAS-A syndicated investment group from West Bloomfield, MI buys Casa de Loma as replacement real estate for a 24-unit complex in the same submarket.

By Connie Gore | Updated on March 13, 2008

DALLAS-A local partnership has collected $3.05 million for a 102-unit, class C complex from a 1031 exchange buyer from West Bloomfield, MI. The value-add play will bring $200,000 to $400,000 of upgrades, inside and out, to the Casa de Loma Apartments.

Kevin Russell, senior investment adviser for Gibraltar Commercial Properties in Dallas, tells GlobeSt.com that the 95%-leased complex at 100 N. Randolph Dr. did a 45-day run on the market, garnering two solid offers at slightly below the list price. The syndicated investment partnership scored the win with its ready-to-deploy exchange funds from a 24-unit sale in South Dallas, he says. The seller is HL Side LP of Dallas.

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