WACO, TX-CrestMarc Woodstock Properties LLC has made its first purchase here, acquiring the 327-unit Sanger Oaks Apartments from Midland Loan Services of Overland Park, KS, in an all-cash transaction.
The class B property, which was 70% occupied at the time of closing, was in foreclosure and traded for an undisclosed amount. The previous owner, a local investor, had a $7 million note on the community, according to Chris Stutzman, a managing director with Transwestern’s Austin Multifamily Group. He and Jeff Rogers brokered the deal.
Local experts say distressed apartment assets are trading at prices ranging from $13,000 to $16,000 per unit. Using those metrics, Sanger Oaks sold at a price of $4.3 million to $5.2 million.
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