Centaurus Investments, taking the lead role for the multifamily play, bought the 80%-leased complex at 2600 Arroyo Ave. from a nine-year owner, Oakway Ltd. of Dallas. The acquisition leads off a push to acquire 500 to 1,000 units in Dallas/Fort Worth in the coming year, John Griggs, Centaurus principal, tells GlobeSt.com.

Griggs says the all-cash buy has been set up as a long-term hold as a rental property, with some "freshening up" but no other changes are planned at this time. "A condo conversion is a ways off," he says. "We're not sure if the neighborhood is ready for it at the moment." But, he adds, the changing face of the Oak Lawn neighborhood definitely builds in additional upside if the new owners opt for a conversion. In the near term, upside will come from filling the 20% vacancy, he adds. "It's a solid investment if nothing else changes in the area, but if values continue going up, it will be a grand slam."

Savannah Heights' units average 824 sf. Rents average $655 per month. Griggs and Centaurus principal, Cross Moceri, hired Devonshire Management Co. of Dallas to oversee their first investment in the region. Jay Gunn with Phoenix-based Hendricks & Partners' Dallas office represented the seller of the 33-year-old complex.