Search
 

First-Time JV Ready to Redo 272 Units

ARLINGTON, TX-Alex Brown and Price Realty will put $1.14 million into finishing work at Hunters Point Apartments. The deed was taken with $5.9 million of equity and loan assumption.

By Connie Gore | Updated on October 22, 2008

ARLINGTON, TX-Alex Brown Realty Inc. and Price Realty Corp. are ready to undertake a $1.14-million renovation to the 272-unit Hunters Point Apartment. The first-time partners acquired the asset in the past month, using $5.9 million of equity and assuming a Bank of America loan.

The 94.2%-leased Hunters Point, situated on 12 acres at 1805 NE Green Oaks Blvd., is assessed at $11.1 million by Tarrant County’s appraisal district. Alex Brown, the Baltimore-based equity partner, and Price picked up the asset from VR Hunters Point LP of Webster, TX, which had Apartment Realty Advisors in Dallas at the head of the marketing campaign.

“This asset was very well priced,” Thomas Burton, Alex Brown’s CFO, tells GlobeSt.com, adding the final cost was more akin to deals 12 to 18 months ago. And, he predicts the future will hold more of the same whether it’s due to distressed conditions or motivated sellers.

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.