The complex on Montfort Road has more than 660 units. It was sold to thecompany for about $50 million by a pension fund, a client of Chicago-basedHeitman Financial, which bought the property after it was built in 1994 andcompleted in 1995.

The fund has kept the property in excellent shape, says Vance Miller,chairman and CEO of Henry S. Miller Cos. He says hiscompany will be making cosmetic upgrades to the complex.

"Just very cosmetic, it's a quality project," Miller tells GlobeSt.com.He says the property is extremely valuable for the amount of people who wantto live in the area.

"It's in the heart of the affluent Dallas market, north of LBJ, just at theepicenter of housing ownership," Miller says. "It's near Galleria andshopping malls, and has a beautiful creek running along the north side ofthe project. Several hundred units overlook this creek, it's just lovely."

He says the partnership is made up of business friends and associates. Hiscompany's investment banking group gave $40 million in mortgage financingfor the complex, Miller says.

"The net interest and margins on what we're paying for financing is veryappealing right now, it's a very competitive market. The interest rates makeit very compelling to acquire multifamily housing," Miller says.

He says the company had been looking at Jefferson since early spring."We buy mostly shopping centers, we've spent more than $100 million onshopping centers. Now in one fell swoop we've spent $50 million onmultifamily, and two more are under consideration as we speak."Jefferson is about 82% occupied, Miller says. The property was builtby JPI of Irving, TX.