The URL can be used to link to this page

Home My WebLink About2010-04-30 Euless Articles DISTRIBt TED TO: PAGE l OF MAYOR CITY CNCL CITY A TTNY CRIM MCKAMIE BROWN YOUNG ANIMAL CNTR MfcDONALD COLLINS C. BARKER GETCHELL LIBRARY ADMIN LIBRARY REF HARTSELL DATE DISTRIBUTED /3)/ DATE OFARTICLE NEWSPAPER �/`br r,- ti CA Investor Buys Foreclosed Apartment By Jennifer Duell Popovec GlobeSt.com EULESS, TX-A private equity fund sponsored by Main Street Partners & Associates Inc. has acquired a 193-unit, garden-style apartment 1 community from Fannie Mae in an all-cash Itransaction. The 1960s-era property, Shadow Creek Apartments, had a $5.8 million mortgage on it Shadow Creek Apartments when the Fannie Mae foreclosed, but sold in the mid $2 million range, according to Rich Mazel, director of acquisitions for Manhattan Beach, Calif.-based Main Street Partners & Associates. Mazel tells GlobeSt. that the private equity fund was one of 12 investors that were interested in Shadow Creek Apartments. The class C property was listed by Chris Deuillet and Nita Stewart of CB Richard Ellis' Dallas office. Situated on nearly nine acres at 311 S. Industrial Blvd., Shadow Creek Apartments is currently 60 percent occupied. It offers a mix of one, two, and three-bedroom units that range from 648 square feet to 2,860 square feet. Mazel says Main Street Partners & Associates will invest $500, 000 to $1 million to improve the property. Additionally, the firm has employed Southlake, TX-based Myan Management to handle leasing and management for the property. "We'll make some improvements, lease it up, and probably hold the property for three to five years," Mazel says, adding that the investment will likely generate an IRR in the high teens. With the acquisition of Shadow Creek Apartments, Main Street Partners & Associates now owns more than 450 units in the Metroplex. Mazel says the firm expects to close additional acquisitions later this year. "In general, we're more bullish on places like DFW where valuations didn't go crazy and job and population growth is strong," Mazel notes. DISTRIBUTED TO: PAGE / OF / MAYOR CITY CNCL CITY ATTNY CRIM MCKAMIE BROWN YOUNG ANIMAL CNT — McDONALD COLLINS C. BARKER GETCHELL LIBRARY ADMIN LIBRARY REF HARTSELL DATE DISTRIBUTED L7//-3 Q/ /0 DATE OF ARTICLE (7 /)6' //(21 NEWSPAPER FWST - LETTERS - Britton in Euless rren Britton is-running for lace 1 in the May 8 Euless City uracil election against in- cumbent Tim Stinneford. Britton is a man who be- — lieves in government of,by and for the people,and that elected representatives should repre-�_ ;sent the interests of the people — and not corporations or buss messes. Stinneford's voting record ,reveals he has voted to spend — millions of taxpayers' dollars for private businesses and the acquisition of property by the ;city for which there is no logical or reasonable explanation. tinneford also has voted to un- necessarily increase water and sewage rates for the residents of Euless on several occasions. I urge residents to vote for Lorren Britton for Euless City Council,Place 1,as a beginning to effect change in our local government. —George R.Moore,Euless DISTRIBUTED TO: PAGE / OF MAYOR CITY CNCL CITY ATTNY CRIM MCK4MIE BROWN YOUNG ANIMAL CNT McDONALD COLLINS C. BARKER GETCHELL LIBR4RYADMIN LIBRARY REF HARTSELL DATE DISTRIBUTED 4 I3° //° DATE OFARTICLE �/�9//C NEWSPAPER FWST LAND 1111 .... , ,,Yr ,.. . „,, ... .....„ r I' .7° ' • siO. ? l 6, 4 f i ;1: '''''' -::' '''llillh'1/4 ,..*: 1-1:14.41°' --1...i*ts ' .'°a`s rte. '" I. 7, Lii -�cii.. _ ' ate` <` l'It* ..._ L - io:,....... .. ......... ,i,„. .. , ,,,, ,,,. .,,,t it._ 111.- - _ .s _ ,�+ < e -t z,- - STAR TELEGRAM/RON T.ENNIS Here's what's left of the Ramada Inn in the 2100 block of Airport Freeway.The site will be stripped to dirt—even the parking lot. f Chesapeake •p to ut site in Euless back on ma.r - ket min us eyesores -,i, • The site will be stripped—even ing for the property's owner, Chesa- ' }:, - the parking lot—and then sodded peake Energy,which bought the prop- rs before it's put on the market. erty in August 2008 with the thought of ' 4 4, creating a place for out-of-town staff '' By TERRY EVANS and contractors to stay while working ` ` " Levans astar-telegram.com in the area, said Brian Murnahan, a • EULESS — Gator's is going, and the Chesapeake spokesman. a' .- Ramada Inn is gone. "We looked at other options and The eyesores in the 2100 block of chose not to renovate the facility," t: - ,....-r Airport Freeway should have disap- Murnahan said."We're working close- peared within two weeks,weather per- ly with (Euless].The best option for it t – miffing,Jerome Pettaway,job supervi- war t,bring it down." " sor for Midwest Wrecking of Texas, Dem ,- c,�s STAR-TELEGRAM ARCHIVES tion started last week. The Gator's in Euless closed after one last football- said Wednesday. site will be stripped to dirt—even the watching party for loyal patrons-Super Bowl XLII The demolition company is work- on Feb.3,2008. DISTRIBUTED TO: PAGE OF ,MAYOR CITY CNCL CITY ATTNY CRIM MCKAMIE BROWN YOUNG ANIMAL CNT McDONALD COLLINS C. BARKER GETCHELL LIBRARY ADMIN q LIBRARY REF HARTSELL DATE DISTRIBUTED I-1 /26' / /O DATE OF ARTICLE 7 / /110 NEWSPAPER FWST Buildings coming til a couple of years ago when parking lot—and then sodded down Euless gave 3 New Millennium and seeded before Chesa- an ultimatum: Remodel the peake puts it on the market,he /.' restaurant and hotel;separate said. the buildings and renovate the "It's been an eyesore for a '40"\/./ restaurant; or lock the doors. — long time,"said Lloyd Hicks of ,/ Gator's closed after one last Bedford,who works at a near- A i-- • football-watching party for by restaurant. "I remember it loyal patrons — Super Bowl was a problem even when Ga- -� XLII on Feb.3,2008. tor's was open, because the c hotel was just sitting there.It's �; i i� Asbestos not an issue been much worse since Ga- 3( 3 I Murnahan said Chesapeake — tor's closed." . 'w?'" v € has never considered drilling Chesapeake's plan sound- r 6 on the site, but the company ed fine to Hicks. Fort '• frequently purchases prober "We'll have beautiful green- 7 ties looking for renovation'or — ery to look at until something - ' A drilling opportunities. else goes in,"he said. "We often buy blighted Property owner Chesapeake properties because it's easy for A long history Energy Is tearing down the us to take a piece of property — tors On thatpiece of land, things former Ramada Inn and 2100 off the market that isn't being Sports Bar and Grill in thea 2100 have a history of going away. block of Airport Freeway.The maintained right and bring it Passport Inn opened there company says it plans to sell the up," he said. "Anything that's in 1973.It went through many land. been vandalized, we'll take — incarnations,including Rode- STAR-TELEGRAM care of that. Anything that's way Inn,Bristol Suites,Belton been dumped, we'll take care Inn and Days Inn. Master It finally reopened as a of that." Mortgage of Kansas City, Mo., Ramada Inn but was empty Chesapeake's goal is to im- foreclosed on the property in again by 2000,and rain signif- prove properties it buys,, he 1990.Amerihost,based in Des icantly damaged it in 2001. said. "We want to make sure Plaines,Ill.,bought into a deal Another investor group that it isn't an eyesore and that with Master Mortgage and put bought the property six years it's safe,"he said."Our goal of- up$400,000 for a$1.5 million ago and announced plans to ten is to use such properties as renovation. Local lenders fi- renovate it into an upscale drilling sites. Everyone gets nanced the rest. Clarion hotel and destination the benefit of clean energy. — Walls in the 150-room restaurant. But 3 New Millen- and the community gets the building had been stripped to nium couldn't make it work. benefit of taxes and royalties cinderblock when Amerihost "The building had a lot of in addition to producing real, took over. The hotel was 20 challenges,"said Mike Collins, relevant local jobs." — years old and "long vacant" the Euless planning and devel- Asbestos and dust were not when the Star-Telegram re- opment director.Among them a problem in the demolition. ported on Dec. 27, 1993, that was retrofitting the buildings "All the asbestos was taken the renovation was taking Ion- for fire protection. out two months ago,"he said. ger than planned. Gator's remained open un- "There was nothing inside(the hotel] when they started le- molition. It was all blank cin- — derblock walls." After grass is planted, '1ur- nahan said, gates will block the two entrances to prevent — vehicles from entering. Short fences erected to keep pedes- trians off while the grass is growing will be removed once — it gets a good start. This article includes material from Star-Telegram archives. TERRI EVANS,817-390-7620