It took almost 3 years, but the Pecan Shadows Apartments have finally sold, says Globe St.‘s Amy Wolff Sorter:
[Hendricks & Partners senior advisor Jeff] Eisenhardt, who represented the Santa Clarita, CA seller, says before the current buyer, another interested tax credit buyer had the complex at 480 W. Parker Rd. tied up in escrow for close to a year.
“Then they got a new CEO who decided he didn’t want to buy and rehab buildings, so they had to walk away from a ton of earnest money,” Eisenhardt comments. Shortly afterward, a second buyer signed a contract, went hard with the earnest money, then dropped out of the deal days before it was due to close.
“This is the third or fourth time this had been under contract,” Eisenhardt acknowledges. “Since day one, we had a lot of activity on this, but just bad luck with buyers.”
The 137-unit complex sits on more than 5 acres next to a forlorn-looking Family Dollar shopping center off I-45. One of apartments’ 12 buildings lost a roof to Hurricane Ike.
A partnership led by Houston investor Doug McGregor paid $4.5 million for the apartments and plans to spend another half-million on interior upgrades, Sorter reports.
- Final Asset Sells From 428-Unit Portfolio [Globe St.]
Photo of Pecan Shadow Apartments: Rentsmart