Edentree Apartments, built in 1983 by Trammell Crow Co., was oneof the last assets in the area for the three-year disposition ofmultifamily properties accrued in the mid- to late 1980s and 1990sby the Frisco, TX-based Hall. "It was one of the most heavilyoffered on deals that I've seen in awhile," Tom Burns, associatepartner in Dallas for Phoenix-based Hendricks & Partners, tellsGlobeSt.com. "It's a good solid B and had a story to tell." The90%-leased complex at 1721 E. Frankford Rd. drew 18 offers during athree-month market run.

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Eyeing a three- to five-year hold, the buyer of record isCarrollton Edentree LP, which plans to update unit interiors togain room for a rent hike. The ticketed changes, Burns says, couldgenerate $50 to $100 per month per unit "depending on the level ofupgrades that they do." Rent now averages $670 per month or 82cents per sf.

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"The story is the repositioning," Burns stresses. "There'sdefinite ground to be picked up in occupancy. In order to do that,the interiors need freshened up."

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The 28 two-story buildings, situated on 17.99 acres, is a 50-50%split of one- and two-bedroom units, ranging from 600 sf to 1,052sf. Burns says the plan is to keep the complex running as a rental,with the new owner hiring Devonshire Management Co. of Dallas tooversee it. The pro forma cap rate is 6.97%.

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One building, containing 16 units, was off line due to a fire.Burns says Hall stayed in charge of the repairs under the takeoveragreement. The building is due to come on line in a week to 10days.

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Burns, who teamed with Hendricks & Partners' Tom Warren,says Hall also did a defeasance on a $13.1-million loan with a 5.8%fixed-rate interest. Details about the buyer's financing, otherthan it included an equity partner, were unavailable.

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