JUST SOLD: Multifamily and Commercial

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JUST SOLD

December 27, 2011

Waxahachie Texas 19 Unit

Same owner last 20 years

Call Monte Self at 214-707-3223 for sales information on this and other

Waxahachie Properties

This property was originally placed under contract less than five days from the day we listed it. The out-of-state buyer with no multifamily experience had financing issues and we went through several lenders, none of which was excited about an absentee landlord with no multifamily experience. After several contracts all terminated due to lack of financing, we finally closed it with a local Dallas-area buyer.

In the multifamily sales business there's a very rare happening that only occurs once or twice a year, if that often. That event is the offering for sale of a pristine property that we like to call a "Mom and Pop" property. A "Mom & Pop" property is a property that's been held in the same family for over 20 years and has been owned and operated by a local owner. These types of properties are pride-of-ownership properties that have not been seen on the market, have not been shopped around, and are generally among the highest quality properties of their types.

Colonial Manor is such a property. Located in the Dallas suburb of Waxahachie, it's about 30 miles south of Dallas. Waxahachie is a town of about 30,000 that's grown almost 40% in the last ten years. It's a typical Texas small town with many old Victorian homes that are on the National Register of Historical Places. People leave their doors unlocked at night.

Dallas Bishop Arts District: Two land sales

Closed 12/15/2011

Call Joe Lumbley at

214-405-3417 for comparable sales information on this and other Bishop Arts District properties.

Any of you who have dined or shopped in Oak Cliff's trendy and chic Bishop Arts District are well aware of the dire lack of parking in the area. Our firm just closed on the sale of almost 2/3 acre of land immediately adjacent to Bishop Arts. This sale was to a Dallas nonprofit who will be razing the three structures and creating a parking lot that will add about 100 valet parking spaces to the area. Half of all the parking revenues will go towards funding educational opportunities to Dallas-area at-risk students.

Current improvements included a tire shop, a garage, a duplex, and a garage apartment. This sale is an example of our firm's ability to conduct targeted acquisition programs and to package multiple sellers' transactions by coordinating multiple sales simultaneously.

Other Properties Available(Exclusives)

12 units: McKinney Area

18 units: Arlington

RV Park: Cleburn

Mobile Home Park: Texarkana

16 Units North Oak Cliff (Gateway TIF)

Pending Transactions

Carriage House: 24 Units in Waxahachie

Multifamily property in Kemp, Texas

24 Units in North Oak Cliff

Several multifamily land deals

Off-Market Deals (Pocket Listings)

Bishop Arts retail/land/multifamily

Multifamily development land (North Oak Cliff)

Tax-incentive-financing (TIF) land in

North Oak Cliff

Sheriff's sales (Dallas County)

2012 is shaping up to be a banner year for our firm. We're actively searching for 5-6 new commercial agents to help us handle the load. If you are, or know of, a good prospect to help us expand our agency, please call Joe Lumbley at 214-405-3417.

On the lighter side.......

An aging baby boomer, buxom blonde girlfriend by his side, is blasting down the Interstate in his new Corvette convertible when he notices the dreaded blue lights in his rearview mirror. He floors the accelerator and when the trooper takes up the chase, the Corvette driver has a change of heart and pulls over.

Trooper approaches the car, ticket book in hand. "Thought you were going to run from me, didn't you? I'll tell you what. It's five minutes before my shift ends, and I don't really want to take you in for evading arrest. I've heard every excuse in the book. If you can give me an excuse I've never heard before, I'll let you go."

Driver thinks for a second and then says. "Officer, last year my wife of 35 years ran off with a State Trooper. I thought you were trying to bring her back."

He got off with a warning.