The Falltree Apartments at 19200 LBJ Freeway was on the market for $4.5 million. It sold to Pardue Falltree Properties Ltd., led by Randy Pardue, whose portfolio is pushing 20 properties, mostly smaller than Falltree.

Pardue's winning offer was "the one that we felt could get it done, Thomas Burns of Hendricks & Partners' Dallas office tells GlobeSt.com. He says the takeover required a loan assumption of slightly more than $3 million held by New York City-based Solomon Smith Barney, a process that required months to complete for an asset that caught a contract in late May and just closed in recent weeks.

Built in 1983, Falltree Apartments was bought in the mid-to late 1980s by Hall Property Group, which has been disposing of its vintage product for the past year. Falltree's average unit size is 729 sf. The 92%-occupied complex is in for a retooling and a likely rent hike as part of Pardue's repositioning plan. Burns and Tom Warren, also in Hendricks' Dallas office, brokered the transaction.

In Amarillo, the Hendricks team sold the 224-unit Chasewood Apartments, also owned by Hall Property, at 3420 S. Coulter Dr. to Veard & Low of Chagrin Falls, Ohio. That deal, he says, was on the market for $5.8 million and required a debt assumption held by GEMSA Loan Services LP of Houston.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.