92 Units Sell for About $3M

ARLINGTON, TX-A Fremont, CA buyer has paid close to the $2.9-million ask to take over a 92-unit multifamily asset with a historically high occupancy and prime frontage along a main thoroughfare.

“It was kind of a turnkey sale,” George Deuillet III, senior investment adviser in Dallas for Hendricks & Partners, tells GlobeSt.com about Bel Aire Apartments at 800-18 Tharp St. He says the 93%-leased complex, trading free and clear, was handed off by American Heritage Apartments of Wake Village, TX to Rana Property Holdings LLC, which made the close with a fixed-rate loan from Chicago-based LaSalle Bank.

The listing was on the market 120 days, attracting predominately West Coast private investors. In all, eight would-be buyers laid down offers for a property with frontage along Collins Street, Deuillet says. The winner has gotten its only Dallas/Fort Worth deed and the seller has parted with his only metroplex holding in a move to reinvest the gain into his homeport in East Texas, according to Deuillet, the deal’s sole broker.

The complex was developed in phases: 40 units in 1965 and the balance in the 1980s. The seven-building Bel Aire Apartments, positioned on 2.1 acres, has efficiencies and one- and two-bedroom units averaging 552 sf. Rents average $488 per month.