as the standard texas saying goes, "its always bigger in texas". here's a large (386 units with an assumable loan in the lower 3s & possible seller carry) class c value-added but completely stabilized multi-family asset
purchase price per seller of $39,500,000 plus the buyer paid 3% real estate commission
2795 N Buckner Blvd
Dallas, TX 75228
The Lake Lofts · Multifamily Property For Sale
INVESTMENT HIGHLIGHTS OF THE LAKE LOFTS:
Stabilized for almost one year. Consistently at 95% or higher
Assumable loan at 3.36% interest
Possible seller carryback for well-qualified buyers. Seller to be in first position only.
Ceramic tile; A/C units; baths; kitchens; appliances; fixtures
Great unit mix; separate meters; fenced/gated; large units
Over $4 Million in capital improvements have been completed
Only minor cosmetic exterior rehab needed ($650K–950K)
Nice east Dallas location in transition
PROPERTY FACTS
No. Units
386 ($102/unit)
Property Type
Multifamily
Property Subtype
Apartment
Apartment Style
Garden
Building Class
C
Lot Size
11.85 AC
Building Size
360,688 SF
No. Stories
2
Year Built
1965
Parking Ratio
2/1,000 SF
Date on Market
1/26/2017
UNIT AMENITIES
Dishwasher
Disposal
Kitchen
Refrigerator
Oven
Range
SITE AMENITIES
Clubhouse
Laundry Facilities
Pool
TRANSPORTATION
TRANSIT/SUBWAY
White Rock
8 min drive4.8 mi
Lawnview Station
11 min drive, 6.9 mi
Lake Highlands Station
12-minute drive6.4 mi
Hatcher
11 min drive, 6.8 mi
Fair Park
11 min drive, 7.2 mi
COMMUTER RAIL
Medical/Market Center
20-minute drive11.7 mi
Downtown Irving/Heritage Crossing Station
29 min drive, 20.6 mi
West Irving
34 min drive, 24.3 mi
East Texas Yard Limit
34-minute drive26.4 mi
Trinity Mills Station
31-minute drive23.8 mi
AIRPORT
Dallas Love Field
25-minute drive13.1 mi
Dallas/Fort Worth International
40-minute drive, 29.2 mi
property taxes
parcel number
00000726367000000
land assessment
$2,064,740
improvements assessment
$18,342,130
total assessment
$20,406,870
zoning
zoning code
mf-1(a)
subject property address:
2795 north buckner boulevard
dallas, texas 75228
located in east dallas and built in 1965, this is a pure Texas-style multi-family asset that is not only big in size but also stabilized and has a great assumable loan with an interest rate in the 3% range. there are 2.5 years remaining on the interest-only loan.
the seller has completed all of the heavy lifting in respect to all of the necessary cap ex, but the seller has left just enough work left to do to provide a value addition to the transaction at a value purchase price that is pleasing to the buyer.
these 386 units are spread out over 11.85 acres
