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Advenir Scoops Up 495-Unit Complex

DALLAS-In another value-add play, the buyer bests 14 others for the 94%-leased Foxmoor Apartments, a class C complex with 800 feet of frontage along North Central Expressway.

By Connie Gore | Updated on July 01, 2008

DALLAS-To shore up another match for the portfolio, value-add buyer, Advenir of Aventura, FL, has banked the deed to the 495-unit Foxmoor Apartments for its next move in the metro. The redevelopment promise for 11.3-acre property drew 15 offers in a 30-day marketing period.

The 54-building complex at 10843 N. Central Expwy. boasts nearly 800 feet of frontage on the freeway’s west side, where the redevelopment frenzy sweeping the east side is expected to trickle over in the coming years, according to Will Balthrope, senior director in Dallas for Marcus & Millichap Real Estate Investment Services. “Although it’s long term, it’s widely believed this will occur at this location,” he says.

Advenir’s plan for its usual MO to rename and refurbish the 94%-leased complex wasn’t available by press time. “Advenir bought it on the premise they’d do a renovation and hold this five to seven years,” Balthrope tells GlobeSt.com, adding rents most likely will jump when the work’s done. “However, there is good cash flow in place today.” The one- and two-bedroom units, ranging from 400 sf to 989 sf, are bringing in rents of $419 to $853 per month.

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