Thursday, November 19, 2009

Empty Signature Pointe apartment complex for sale in Dallas

A northeast Dallas apartment site that was taken over by lenders last month is for sale.

The 12.85-acre Signature Pointe apartments on Lovers Lane are being marketed by Marcus & Millichap Real Estate Investment Services.

Compass Bank took ownership of the empty apartments after plans stalled to develop retail and rental housing on the prime site just east of North Central Expressway.

Three years ago, the bank lent more than $19 million on the property, which borders the Central Market grocery store.

Developer Fairfield at Lovers LP had fought a hard zoning battle for the ability to demolish the aging apartments to make way for new construction.

But the recession and global financial meltdown stalled the deal, prompting Compass to take back ownership.

"Compass wanted to put it quickly on the market," said Marcus & Millichap senior Will Balthrope. "They have put an asking price on it of $19 million."

Balthrope said he expects to sell the property to one or more developers who will demolish the buildings.