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BoA Sells 147-Unit Foreclosure

DALLAS-A private investor from San Francisco wins the 60%-leased Wyndham Court Apartments, a partially renovated complex with a location that drew 13 offers.

By Connie Gore | Updated on October 15, 2008

DALLAS-In a 40-day contract to close, a private investor from San Francisco has beat 12 other would-be buyers chasing the foreclosed 147-unit Wyndham Court Apartments in North Dallas. It wasn’t the highest offer, but it was all cash, proving once again that money talks in today’s economic climate.

Bank of America had Nick Fluellen, senior investment adviser in Dallas for Marcus & Millichap Real Estate Investment Services, and Scott Harris in the firm’s Chicago office steering the sale of the 16-building complex at 6603 E. Lovers Lane. Fluellen says the 60%-leased asset’s location near White Rock Lake, major freeways and seven miles from Downtown Dallas was the drawing card for offers ranging from $2 million to $3 million, several of which were aimed at the leveling the land and building new.

“He made a very compelling offer. And, it was all cash so that helped,” Fluellen says, adding there was only one other all-cash offer on the table. The asset hit the market in as-is condition and without an ask, with the broker adding that “they were of the mindset they were going to sell the deal and meet the market.”

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