The Cobblestone Apartments at 10830 Stone Canyon Rd. had a lotgoing in its favor, Will Balthrope of the Cushman & WakefieldMulti Housing Group in Dallas tells Interest ranparticularly high because it's an in-fill location at the junctionof Central Expressway and Meadow Road. It's also a 94%-occupiedproperty, with an average per unit rent of $650 per month, allowingfor plenty of upside.

Within three months of coming to market, 17 offers weredelivered to the seller, a Canadian "syndicator" who's owned theproperty for several years. The buyer, whose name is being keptquiet, is a Dallas investment group that gathered its capital froman institutional investor in the northeast, Balthrope says.

The buyer intends to sink several million dollars into atop-to-bottom makeover to reposition the 19-building complex on11.8 acres into a class B plus, according to Balthrope. When thework's done, the rents will go up. "It's a classic example of anolder infill Dallas property that institutional money is going tobuy, renovate and do a value add," he says. The property will bemanaged by the buyer as the repositioning is put into play.

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