The Dallas-based multifamily owner will pump about $400,000 into an upgrade of the 30-year-old Park Terrace duplexes at 2400 McCurdy Dr., Jeff Ratliff, executive vice president of AmeriSouth Real Estate Services Inc. tells GlobeSt.com. The rehab mission is to improve the property to wrangle a HUD clearance to raise the rent from 89 cents per sf to 92 cents per sf at the complex, a fully subsidized property on HUD's Housing Assistance Program roster.

The complex, positioned on 5.5 acres, is equally divided into two- and three-bedroom units that rent for $625 and $825 per month, respectively, Ratliff says. A successful bid to raise the all bills-paid rent will change the monthly take to $599 and $781 at a development where the average unit is 790 sf. Meridian Commercial of Dallas will start retooling the interiors and exteriors in the coming weeks.

John Brownlee of Dallas-based Holliday Fenoglio Fowler LP arranged a 24-month loan at a 5% interest rate, representing 85% of the loan to cost, through Cleveland-based KeyBank. AmeriSouth, Ratliff says, has tagged the class C-plus asset for a long-term hold due to its HAP status and its tenant appeal, with private yards and renters who have stayed put for the long haul.

Buttross Properties of Austin was the seller in a deal found by AmeriSouth's Brandon Rutledge. He and Ratliff were the sole brokers for the transaction, which marks the firm's fourth acquisition this year. AmeriSouth, led by president Ruel M. Hamilton, now has a portfolio of about 6,500 units, primarily in Dallas-Fort Worth.