"It sat on the market for a while doing nothing," reports Sam Pettigrew, a vice president at the Cantrell Co. in Dallas who represented the seller with Cantrell associate broker Elliott Carpenter. "After the asking price was reduced, we had a number of offers."
Pettigrew describes the seller as a private investment group with no other assets in Texas. "They had owned the property for a little over three years," he says. "They wanted to take their equity out and look for another property."
The Class C property was 93% occupied at the time of sale, with rents from $435 to $595 a month. It has a mix of studios and one-bedroom units ranging from 430 square feet to 850 square feet. Amenities include a swimming pool and on-site laundry.
Pettigrew says the buyer, an individual investor, was attracted to the complex's below-market rents. "Even though it's Class C, he saw upside opportunity. He plans to push the rents up a little bit," the Cantrell broker tells GlobeSt.com. Grand Prairie has a "pretty tight" apartment market, he adds, with most multifamily properties reporting occupancy levels above 90%.
Maurice Benitah, an apartment building specialist with Keller Williams in Beverly Hills, CA, represented the buyer.
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