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112-Unit Complex Sells in TIF District

DALLAS-The class C Mill Run Apartments' draw is its Oak Cliff location, where investors are eyeing redevelopment plays thanks to two tax increment financing districts.

By Connie Gore | Updated on May 01, 2008

DALLAS-Capturing a spot in the heart of a redevelopment corridor, a private local investor has purchased the 112-unit Mill Run Apartments in Oak Cliff. The 95%-leased complex, marketed for $3.2 million, went to the highest of three offers.

The three-building complex takes up four acres at 2732 W. Colorado Blvd. The new owner, who also has properties in upscale Oak Lawn, “saw people were talking about that area and thought it was a good area to buy in,” Sam Pettigrew, vice president of Cantrell Cos. in Dallas, tells GlobeSt.com. “He will hold it for awhile and see what happens to the area.” He adds the buyer is digging in for a three- to five-year hold.

The deal sweetener is nearby apartment projects already are earmarked as teardowns. In a true value-add play for the present and future, Pettigrew says the new owner is planning to push rents $20 per month across the board since the in-place rates are below market. One-bedroom units are $630 per month; two-bedrooms, $730. Units range from 570 sf to 960 sf in four floor plans.

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