SOURCE: Dallas Morning News
A Memphis , Tenn., company that just bought a McKinney apartment and retail complex got one heck of a deal.
Mid-America Apartment Communities paid $31.25 million for the new Times Square development in Craig Ranch. It’s one of several multifamily housing projects the real estate investment trust has just purchased.
Times Square has more than 300 luxury apartments and 88,000 square feet of retail space and cost about $52 million to build.
The lender that sold the foreclosed property – Bank of America – had lent more than $45 million on the development.
Mid-America got the mixed-use project at almost a 40 percent discount from construction cost.
Such markdowns of new commercial properties aren’t unheard of in North Texas. And investors are eager to sign up for more such deals.
But they’d better hurry.
The latest industry barometers indicate the commercial property price plunge may have bottomed out….