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Welcome to this issue of the Dallas Income Properties Newsletter. This newsletter is a complimentary service of JP Lumbley and Associates, LLC, We are brokers who are specialists in multifamily sales and have been active in multifamily sales since 1979.
Joseph Lumbley, Broker
TREC Broker's License #0275796
Bishop Arts District Office
819 N. Bishop Avenue
Dallas, Texas, 75208
214-405-3417 (cell)
214-941-3417 (office) |
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 Townview Apartments16 units in North Oak Cliff
Announcing the sale of the 16 unit Townview Apartments located in the North Oak Cliff Gateway TIF. The purchaser, Lee Widmer, is a Dallasite and she financed the property with a very aggressive, very new local bank (that's looking for more great loans like this one). We went through about four contracts on this one, and none of the buyers was able to find financing with any of the big lenders.
It's our firm belief that the tide has turned in the small multifamily market. What was a California-buyer market in 2007 has now become primarily a local market due to the difficulty faced by out-of-state buyers in getting financing. We'll still work with out-of-state buyers, but they'll need to either have their funding in place, already have holdings in the DFW area, or be extremely strong financially.
We have instituted a promotion for all of 2012 in which we will enroll all new multifamily purchasers in Dallas, Collin, and Tarrant Counties in the Apartment Association of Greater Dallas. We just enrolled Lee for her complimentary membership. All AAGD members are invited to introduce themselves to Lee and welcome her to AAGD. |
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In The Pipeline
New Listing on the way
One of the advantages of being on the JP Lumbley & Associates LLC mailing list is that you get to see new multifamily listings about a week before they become public. In this case, we'll tease you with a property that is not even listed yet, but should be listed by the end of the week. It's in the 25-50 unit range in an eastern suburb of Dallas. This property has been extensively updated and has new roofs, new HVAC, redone interiors and a very rural feel, yet it's within blocks of IH-635. It's 100% occupied and is being offered with OWNER FINANCING!
Call Joe if you're looking for a great leverage deal! Tie it up before it becomes public! |
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UNDER CONTRACT!
16-Unit Fellowship Apartments
Arlington, Tx
Monte Self has placed the 16 unit Fellowship Apartments under contract, with all contingencies removed and financing approved. Closing is scheduled for mid-June. |
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Available Multifamily Assets
Exclusively-listed properties
Briarcliff Manor is a 23-unit property located in Dallas' chic and trendy Winnetka Heights Historical District. It's located next door to a new Woods Partners 207-unit development that is currently under construction. This is an irreplaceable location in one of the hottest areas of North Oak Cliff. Homes around it are selling in the $125-$150/SF range. Click HERE for full information about this asset.
 
Two fourplexes in Bishop Arts District. These two fourplexes are located on Tenth Street in the Bishop Arts District, two blocks apart. The owner has done a significant amount of work on the properties and is offering them at $225,000 apiece. Click HERE for full information about these two properties. |
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FREE Apartment Association Membership
to all our new buyers in 2012.
For all our new multifamily buyers in Dallas, Tarrant, or Collin Counties, we will sign you up for membership with the Apartment Association of Greater Dallas (AAGD) upon closing of the deal. We'll cover your initiation fees, per-unit fees (for the sold units) and pay your first year's dues as our way of saying "Thank you" both to AAGD and to our buyers. If an AAGD buyer purchases one of our listings, we'll pay your basic yearly membership dues and the per-unit dues for the newly-purchased units. Gamber Real Estate transactions not included in this promotion. |
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