Michel Hibbert, a broker with Charles Dunn Co. and a partner inthe deal, tells GlobeSt.com that talks were beginning for the204-unit Waterford Apartments at 3829 Gannon Lane in South Dallaswhen he visited, saw the shared access road with the 228-unitRenaissance Creek Apartments at 3839 Gannon Lane and placed bidswith separate brokers to get the multifamily block. When the dealsclosed, Waterford brought $4.2 million and Renaissance fetched $4.8million for limited partnership sellers, some with crossoverinterests in both properties. Jay Gunn with Hendricks &Partners' Dallas office represented Waterford's local seller ofrecord, F-Crest Holdings LP; and Nita Stewart with CB Richard EllisInc.'s local office brokered for Renaissance's seller, FJBB-GannonLtd.

Built in 1985 and 1986, the complexes are positioned near theintersection of US Highway 67 and Interstate 20. Hibbert says lessthan $1 million will be spent on renovations, mostly cosmeticupgrades for the 80%-leased assets. The new name isn't beingreleased, but Sunridge Management Group of Dallas has been hired tosteer the lease-up.

Waterford, a mix of efficiencies and one-bedroom units, rent for$300 to $400 per month. Its units average 500 sf. The Renaissance'sapartments, averaging 700 sf, are one- and two-bedrooms that bringin $400 to $600 per month.

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