"It's a repositioning through renovation story within the submarket," Will Balthrope, associate for Grubb & Ellis Co., tells GlobeSt.com.

Upward of $600,000 is being spent on the fully leased Lochwood Apartments, situated along Garland Road. The makeover will take the property from a class-C holding to class B, says Balthrope. A security gate is being installed, new landscaping and interior upgrades. The work will take several months to complete.

The Grubb & Ellis investment group team of Balthrope and Don Ostroff, vice president, have represented seller Igal Gordon, a private investor from San Diego. Gordon has owned the property for a number of years, according to Balthrope. Bay Equities has acted on its own behalf. The buyer, who also manages its properties, owns at least four other multifamily complexes in the Dallas-Ft. Worth region.

Lochwood Apartments had been built in 1959, but is rather unique in that it's designed with all two-bedroom units, says Balthrope. He says there had been several backup buyers waiting to see if Bay Equities would proceed with the acquisition. "There is a lot of rent increase potential," he emphasizes to GlobeSt.com. "This will be a very profitable investment for the buyer."

In recent weeks, the Balthrope-Ostroff team has closed on several smaller deals in the metroplex. In the team's sales pipeline are more than $100 million in Dallas listings and another $50 million in other Texas city listings, says Balthrope.