Wednesday, June 08, 2005

Downtown Dallas Real Estate News

Downtown Dallas Real Estate News
CENTAURUS BUYS OAK LAWN APARTMENTS

DALLAS (GlobeSt.com) – For its first North Texas buy, Centaurus Investments has purchased the 80 percent leased, 136-unit Savannah Heights at 2600 Arroyo Ave. for $3.75 million from Oakway Ltd. Centaurus officials said the firm plans to convert the Oak Lawn complex into condos. Centaurus plans to do minor renovations, but no other changes are planned.

Units in Savannah Heights average 825 square feet with rents averaging $655 per month. The purchase is part of an acquisition goal of 500 to 1,000 units in Dallas-Fort Worth in the coming year, according to Centaurus officials.