The 200-unit Eagles Landing Apartments at 238 East Oates Rd in Garland was sold for an undisclosed amount. The property was a foreclosure but stable with 90% occupancy at the time of sale. The Cantrell Co's Sam Pettigrew and Todd Franks repped both buyer and seller. The purchaser plans on spending $1M on improvements.
SQN Realty Finance completed its first equity investment in the significantly discounted lender-owned Applewood Village multifamily property in Houston. Houston-based Allen Harrison Co (the managing partner of the venture controlling Applewood) is responsible for the ongoing operations of the property. The 92-unit property (15455 Ella Blvd in Spring) was foreclosed on in 2010 and being operated by a management company hired by a special servicer. The purchase price was well below value, according to SQN principal Isaac Gregory. Like a lot of bank-owned CRE, this property was mismanaged and struggling to stay competitive with the surrounding communities. Minor renovations will be done over the next six months by AHC Construction. Mosaic Residential will take over management. ARA's Russell Jones, Cliff McDaniel, Zach Springer, and David Wylie repped the seller.