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GRAND PRAIRIE, TX-The Irvine, CA-based Passco Cos. LLC has taken its first deed in a $100-million-plus shopping spree planned for the next nine to 12 months in North Texas. The first to fall into the tenants-in-common group's hands is the 436-unit Towns of Riverside, a 55-acre, golf course-fronting development off Interstate 360.

Gary Goodman, Passco's senior vice president, tells GlobeSt.com that the all-cash buy is the first, but there's another class A closing for a 300-unit complex planned for September in Dallas. The Towns of Riverside, like others that will follow, has hit the TIC market, with the deal already 90% committed. "We're likely to do it with less than 35 investors," he says.

Cushman & Wakefield of Texas Inc.'s multi-housing powerhouse team of Don Ostroff and Will Balthrope marketed the 2803 Riverside Parkway development for $43 million. Neither the brokers nor the buyer will talk about the price because Riverside's $28.4-million assessment was hiked nearly $10 million for the upcoming tax year. What can be concluded is that the 436 prized units, with European cabinetry and wood-burning fireplaces, reeled in roughly $65,000 per unit based on comparable submarket sales.