Search
 

About $11M Buys 288-Unit Value Add

DALLAS-A private investor from Israel gets his first deed in the metroplex, pinning down the Del Ray Apartments with a loan assumption and $250,000 of non-refundable money.

By Connie Gore | Updated on May 21, 2008

DALLAS-A first-time buyer in North Texas has ponied up close to $11 million for the 288-unit Del Ray Apartments. The Israeli investor’s contract went down on the table within three days of the listing hitting the market.

“I put it under contract right away, literally,” David Shaffer, managing partner of investment services for Dallas-based Bradford Cos., tells GlobeSt.com. “It was a solid price, not too far off the ask.” He says the complex at 9624 Rolling Rock Lane was 90% leased at sale time.

To make the close, Shaffer says the buyer assumed a loan serviced by Charlotte, NC-based Wachovia. To lock in the deal, he says $250,000 of non-refundable earnest money went on the table. “They were in town looking for opportunities and I was one of the guys they met with,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.