Search
 

Lone Bidder Bags 128-Unit Foreclosure

ARLINGTON, TX-A group from Brookfield, WI makes good on its $50,000 nonrefundable commitment to buy Woodstock Apartments on the courthouse steps for $2.5 million.

By Connie Gore | Updated on September 16, 2008

ARLINGTON, TX-A Brookfield, WI-based investment group, the only bidder on the courthouse steps, has gotten the 128-unit Woodstock Apartments for $2.5 million, buying it for $600,000 less than the original ask. The new owner is poised to pump $5,000 to $6,000 per unit into repositioning and redoing the 80%-leased complex in North Arlington.

The 10-building complex, positioned on 5.7 acres at 2121 Washington Circle, was sold by the Bank of New York Trust Co. of New Albany, OH after searching nearly five months for a buyer on the conventional circuit, according to Thomas Burns, associate partner in Dallas for Phoenix-based Hendricks & Partners. He tells GlobeSt.com that the buyer, MLG Capital 2008 LLC, made a $50,000 non-refundable commitment to show up at the sheriff’s sale on the Tarrant County Courthouse steps. The lone bidder pocketed a deed once held by a nonprofit group from the affordable housing sector.

“It did have restrictions on it, but the foreclosure wiped them out and it will be on the tax roll as a conventional property,” Burns explains. The sales team included associate partner Jay Gunn in Dallas and Hendricks’ Michael Miller in San Antonio.

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.