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California Investor Takes 60-Unit Complex

IRVING, TX-Marking his first spot in the metro, the investor closes the deal and jumps into $300,000 of repairs at the 86%-leased, class C Willowbend Apartments in East Irving.

By Connie Gore | Updated on May 22, 2008

IRVING, TX-A Santa Rosa, CA investor, marking his first spot in the metro, has scooped up a 60-unit complex in East Irving while it was in receivership. The marketing flyer showed the class C Willowbend Apartments, listed at $1.85 million, required a $1.46-million loan assumption.

MCG Willowbend Apartments LLC bought the four-building complex at 1407 W. Shady Grove Rd. from IB Holdings LLC of Coral Gables, FL. The new owner has jumped into immediate repairs, ticketing $300,000 for the work, to meet City of Irving requirements for the 86%-leased asset, Peter J. Hartnett, associate partner in Dallas for Phoenix-based Hendricks & Partners, tells GlobeSt.com.

To make the close, Hartnett says the received “gave him 100% financing” at a 6.8% fixed-rate interest and prepayment flexibility. The buyer put $300,000 into escrow to cover the repair bill, according to the deal’s sole broker.

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