“Heavily Distressed” Tyler Rental Property Obtained by VaultCap
Marcus & Millichap announced the sale of The Broadstone, a 100-unit multifamily property in Tyler, Texas.
Marcus & Millichap’s Fin Erwin listed the property, “This was a competitive and complex off-market transaction involving a heavily distressed asset that had been marketed by five other brokers for over a year. Despite significant deferred maintenance and low occupancy, we secured nonrefundable earnest money with no retrades, concessions or credits, and closed just 73 days from PSA.”
VaultCap Partners acquired the asset at a below-market basis and plans to execute a comprehensive renovation program to increase occupancy, improve collections and enhance overall asset value. A local property management firm has been retained to oversee daily operations and renovations.
The Broadstone, located at 2720 S. Broadway Ave., was built in 1974 and sits on 5.91 acres. The 101,500-square-foot property includes a mix of one-, two- and three-bedroom units.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout