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Texas Group Buys 402-Unit Complex

DALLAS-The new owners get McMillan Place Apartments, a class B mix with upside in below-market monthly rents. Ten investors stepped up for $18.6-million listing.

By Connie Gore | Updated on November 07, 2008

DALLAS-Drawing 10 offers in two weeks, the 402-unit McMillan Place Apartments in Northeast Dallas has sold to a group of Texas investors. An $18.6-million sales tag was hung on the listing, but it’s a safe bet the final price was markedly lower due to the state of the capital markets.

Mike A. Wells of Dallas-based Wells Asset Management Inc. tells GlobeSt.com that the stack of offers was narrowed to three, with the win being determined by the financial programs that were in play for each would-be buyer of the 97%-leased complex at 12610 Jupiter Rd. “We chose the best one to close it,” he says. The buyer of record, TPRFZ McMillan Place LP, was armed with a Fannie Mae loan from Charlotte, NC-based Wachovia Bank, according to Wells, who partnered with colleague Robert Aiello to sell the holding.

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