Thursday, May 07, 2009

103-Unit Rosa Vista Has 43-Day Escrow

DALLAS-The 103-unit Rosa Vista Apartments traded ownership through an extraordinarily quick turnaround. The class C asset in the southern submarket was in escrow for 43 days before the Miami, FL-based buyer and Minnesota seller concluded the transaction.

Seller broker Sam Pettigrew with locally based Cantrell Co. tells the complex on 3738 Legendary Lane did attract around five offers when brought to market, but ended up under contract quickly with the first bid. The entire process from marketing to close took 68 days, with the sales price just south of the $2 million ask.

"The upside on this is the repair of some deferred maintenance. The buyer is planning some upgrades. Then he can raise the rents to market level and get it stabilized," says Pettigrew, who partnered with Cantrell's Todd Franks to represent the seller. The 1960s complex is 80% occupied whereas the submarket has a 94% occupancy rate, he adds. Furthermore, the market's rent average is $.79 per square foot. Rosa Vista's average ask is $.68 per square foot. The average unit size is 890 square feet and the unit mix is made up of one- and two-bedroom apartments.

Derrick Caballero with Dallas-based Phillips Commercial represented the buyer, who is looking for similar assets in the area. The seller, meanwhile, has one more asset in the market, though Pettigrew says the entity will hold onto it for awhile. "They'd owned Rosa Vista for awhile, about 10 years, and they were ready to sell," he adds.


By Amy Wolff Sorter with