Search
 

SoCal Investor Nabs Repriced Apartments

GRAND PRAIRIE, TX-Repricing downward drew interest after period of inaction. Buyer sees opportunity to raise rents at Class C property.

By John McCloud | Updated on March 23, 2009

GRAND PRAIRIE, TX-A Southern California investor closed on the $1.05 million purchase of the Greenhill Apartments, a 50-unit rental complex at 403 Small Hill Rd., The deal went into contract in November after an August repricing to reflect current market realities brought renewed interest from buyers.

“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.”

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

© 2025 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 © 2025 ALM Global, LLC. All Rights Reserved.