The 15-year-old Crescent Apartments at 1570 Buffalo have sold for about $1.1 million to Bradfield Creek Townhomes LP of Garland. TCA Equities of Arcadia, CA is the seller of the 93%-occupied, three-building complex situated on two acres.

The buyer intends to immediately hike the rents, Jeff Dowdle of Marcus & Millichap's Dallas office tells GlobeSt.com. The monthly take ranges from $415 to $435 for smaller units and $465 to $485 for larger units. He says the initial rent push will boost prices $30 to $40 per month. More hikes are sure to follow since it's the only non-subsidized complex in town, the nicest in a 15-mile radius in Dowdle's opinion and a wide enough gap between "rent versus buy" to support more increases. The complex will be getting some spiffing up, but a rehab isn't necessary because the deal was free of deferred maintenance, he adds.

Dowdle says the complex was on the market about two months, baiting four offers. The Garland-based buyer had the highest bid on the table. And, Dowdle adds, he was "the most qualified." The buyer got the complex at a current cap rate of 10.9%. The complex consists of 12 units with one bedroom, one bath and 28 with two bedrooms, one bath in designs of 600 sf to 720 sf.