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Boston Buyer Claims 114-Unit Complex

FORT WORTH-The private investor closes on the 97%-leased Cherry Hill Apartments after enduring a long assumption process. The sale comes within 3% of the $4-million ask.

By Connie Gore | Updated on June 05, 2008

FORT WORTH-A Boston-based investor, taking his first deed in North Texas, has come within 3% of the $4-million ask for a 114-unit class C complex in South Fort Worth. The deal required a $3.4-million loan assumption with roughly nine years left on the term.

At sale time, the 10-building Cherry Hill Apartments at 5250 Wonder Dr. was 97% leased. Sam Pettigrew, vice president of Dallas-based Cantrell Co., says the listing drew four offers, with the private investor from Boston placing the highest bid.

“It has a good cap rate and great cash-on-cash return,” Pettigrew tells GlobeSt.com. According to the marketing flyer, the deal carried an 8.1% cap rate and 22.4% actual cash on return.

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