The buy comes via a 1031 exchange, swapping out the 236-unit Amli on Rosemeade in North Dallas for the former Woodlands of Shadow Ridge, a 222-unit complex at 1111 Lexington Ave. Amli already has renamed the one-year-old luxury complex to Amli at Shadow Ridge.

Mark Alfieri, Amli vice president, tells GlobeSt.com that the 19-building acquisition is the result of a long-standing relationship with seller Solson Investments of Dallas. He confides that talks were ongoing while the complex was being built. The purchase, says Alfieri, is "consistent with Amli's strategy of selling older properties and replacing them with well-located newer properties. Flower Mound is one of the few barrier-to-entry markets in Texas."

The Shadow Ridge buy marks this year's second 1031 exchange for Amli and most likely the last like-kind swap of the year in the ongoing disposition, says Alfieri. The major multifamily player's buying power isn't dissipating; scouts are out for opportunities in all of its markets. He discloses as many as four more acquisitions could close by the close of the year.