33-Unit Windridge Attracts $1.1M

MESQUITE, TX-The buyer of the 33-unit Windridge Court in Mesquite is considering a condo conversion for the $1.1-million buy. The plan, if enacted, merely would be in keeping with the original intent of the neighborhood’s other multifamily product.

Dallas investors, using the name of Windridge Court Ltd., will do some property spruce-ups and then decide whether to chase the “for sale” condo market, Tom Warren, associate partner in Dallas for Phoenix-based Hendricks & Partners, tells GlobeSt.com. The class B complex is situated on about 1.6 acres at 4845 N. Galloway in the city’s northern corridor.

The North Mesquite submarket is a strong multifamily sector with high occupancy and mid-1980s product. Windridge has one vacancy. It is bringing in an average of 74 cents per sf, which is predicted to rise in the post-renovation days. Units range in size from 606 sf to 1,000 sf.

Many of the area’s properties were built to condo specs and boast condo-style amenities. The 16-year-old Windridge, most likely being primed for a conversion, is a leftover from the RTC days and comes with a covenant that five units must be reserved for moderate-income tenants.

Warren the lone broker on the deal, says about a dozen would-be buyers surfaced during Windridge’s five-month listing. The buyer was selected for its strength to close the deal and naturally, the bid price. The buyer has other multifamily assets in Dallas-Fort Worth. St. Catherine of Siena Inc. of Coppell was the seller.