The 100% Section 8 asset was fully occupied at sale time, Jeff Ratliff, executive vice president of Dallas-based AmeriSouth Real Estate Services Inc., tells GlobeSt.com He and AmeriSouth's Case Stockton brokered the sale on behalf of seller, John Conner of Waco, who released his last multifamily asset on the road to retirement. "Now, he can retire," Ratliff says.

The Crescent Arms, positioned on about 6.5 acres, never formally hit the market, Ratliff explains. Stockton knew Conner was looking to retire and Ratliff knew Bryan J. Kaminski, Kamco's principal, was looking to buy. Conner bought the asset in 1979.

Kamco will retain Monarch Properties of Dallas as the property manager. The complex is standing as the reverse leg of a 1031 Exchange, according to Ratliff, who didn't have any information as yet about the property to be traded. Denise Cansler of Colonial Bank in Dallas arranged the acquisition financing.

The deal has been working for several months due to an all-encompassing housing assistance contract for the HUD property. The average unit size is 866 sf, with rent now 70 cents per sf. Once the rehab's done, the rents will rise closer to the market rate of 80 cents per sf, if HUD goes along with the plan.

Built in 1969, the all-bills paid, gated complex consists of 19 one-bedroom units, 92 two-bedroom designs and 13 three-bedroom apartments. The class C complex is positioned south of Interstate 30 in a residential area.