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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.

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