Center Acquisitions LLC acquired the Silverado Springs Apartments at 11100 Kingsley Rd. from Performance Properties Co. of Dallas and its equity partner on the five-year hold, Transwestern Commercial Services. "He got a substantial discount to replacement cost," Armand Charbonneau, TCS vice president in Dallas, tells GlobeSt.com about the $7.65-million listing.

Charbonneau says Center Acquisitions wasn't the highest of the dozen offers for the class B asset, but was "the best offer." The deal took nine months to close because the state transportation department claimed a strip of the highway-fronting acreage for a turn lane from Interstate 635 "after earnest money was at risk," he explains.

Silverado Apartments, sitting on 5.6 acres at the edge of the Dallas-Garland line, traded free and clear "in very good condition," says Charbonneau, who partnered with TCS vice president Mark Freeman on the 22-year-old development's sale. The 31-building complex has 10 efficiencies, 173 one- and 31 two-bedroom units, averaging 547 sf. The average rent is $508 per month. The new owner slid in Protea Management Co. of Dallas to oversee the investment.