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DISTRESSED SALE

Dallas-Ft. Worth

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DISTRESSED SALE
Chivas West
If anyone writes a textbook on distressed note sales, Lord help the students forced to read it, but this deal might be in it nonetheless. A Flower Mound-based investor has purchased Chivas West, a 72-unit apartment property at 1701 North Britain Rd in Irving, for almost $2M.. The seller was a Maine-based distressed note  portfolio purchaser that acquired the defaulted note from a special servicer. The complex was foreclosed early 2010. The owner then invested nearly $400k in capital improvements. The property was 94% occupied at the time of the sale.
Will Jarnagin, Michael Ware and Nick Fluellen
Last fall, we snapped the sales team (ready to play ball): Marcus & Millichap Real Estate Investment Services’ Will JarnaginMichael Ware, and Nick Fluellen after another deal they had brokered. Will tells us the property was bought by a private local investor couple that own several regional apartment communities. The property had been marketed by another local brokerage, which was unsuccessful at delivering a buyer. Will tells us that he and Michael were brought in, and Nick snagged a buyer. If you see Will, make sure and wish his Baylor Bears good luck in the Dec. 29 Texas  Bowl down in Houston. Sic ‘em, Bears!