Capri Capital Advisors of Chicago, an owner of other product types in Dallas/Fort Worth, won a 95%-leased asset, built in 2003 by Fairfield Residential LLC of Grand Prairie, affiliate of the San Diego-based owner of 40,000 apartments in 11 states. The seven-story Bryson at 2901 W. CityPlace Blvd. has units averaging 923 sf, a rent median of $1.60 per sf and minimal concessions, says Paul Harris, managing partner of Chicago-based Moran & Co.'s Southwest office.

Multifamily sources say the complex fetched at least $47 million, based on the minimum price being whispered on the street and the assessed square footage. The 288,170-sf Bryson, with 373 parking spaces in two decks, also has 10,000 sf of retail space, fully leased to Fitness Evolution Health Club. "The sources are wrong," says Scott Kupferberg, executive vice president with Capri, who is bound by a strict confidentiality agreement not to discuss the price.

Capri Capital, scouring Dallas/Fort Worth for additional acquisitions, beat out 24 other buyers with its quick-closing terms more so than price as a result of a one-month marketing period, according to Harris. "It was very competitive among institutional for-rent owners and condo converters," he tells GlobeSt.com about the all-cash sale. The mix of would-be buyers was heavily weighted toward the for-rent sector because "the demand of in-town housing is accelerating," he adds. "Four of the top five bidders were from institutions that have not been active in the Dallas/Fort Worth market for the last five or more years." Harris, along with Fairfield's Thad Wetterau, steered the sale of a 2.3-acre property with a $27.4-million assessment by Dallas County.

Capri has affiliates to manage and lease its assets. The Bryson is a mix of studios and one- and two-bedroom apartments that range from 577 sf to 1,704 sf in 22 floor plans.

In-town developments, built since 1990, are averaging 37% higher rents than the market at large, says Brent Ball, Fairfield's vice president of asset management and sales. Uptown weathered the downturn as one of the metroplex's most stable submarkets. The Bryson is nestled in an upscale pocket of hotels, retail, residential and office space and close to a light-rail station. "The location of the Bryson in a transit-oriented, live-work-play environment creates a high level of demand for these apartments and makes this property an attractive investment," Wetterau says.