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New North Texas Buyer Picks up 240 Units

MESQUITE, TX-The investor from Los Angeles assumes a $7.5-million loan to get title to the 89.5% leased Pine Oak Apartments.

By Connie Gore | Updated on May 28, 2008

MESQUITE, TX-A private buyer from Los Angeles has pocketed the deed to the 240-unit Pine Oaks Apartments. The 24-year-old complex, set on nearly 12 acres, was 89.5% occupied at sale time to the first-time investor in North Texas.

“It’s a bread and butter B deal,” says Brian Murphy with Atlanta-based Apartment Realty Advisors in Dallas. The deal for the 1716 N. Galloway Ave. property took 90 days to complete due to a loan assumption, he says.

Murphy tells GlobeSt.com that 22 offers were on the table, but the dealmaker was the buyer’s willingness to go hard with non-refundable earnest money at the contract’s execution. Based on the marketing flyer, the buyer assumed a $7.35-million loan at 5.9% fixed-rate interest with a 10-year term through Charlotte, NC-based Wachovia Bank. ING is the loan’s special servicing agent.

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