(Read more on the multifamilymarket.)

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David Lindahl, president of the namesake firm, says the40-year-old complex at 6550 Lexington Dr. came with deferredmaintenance from damage incurred during Hurricane Rita in 2005 andhad four burned-out units. He tells GlobeSt.com that a $40,000investment and two months of work will bring the complex back up topar and get units on line. The Lindahl Group will manage thecomplex.

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Lindahl says Towne Oaks represents a good value-add opportunitybecause rents are below market. "We bought this because of the lowoccupancy," he adds. "In the three months since we had this undercontract, occupancy has increased as has net income." He saysoccupancy is now 92%, up 6% from the contract to the closing withBMT Towne Oaks Associates Ltd. of Houston.

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Towne Oaks Apartments has one- and two-bedroom units measuringfrom 707 sf to 1,467 sf. Rents average $500 per month. JeffPatterson with Apartment Realty Advisors' Houston office brokeredthe transaction. Quantum First Capital of Dallas arranged a$6.22-million loan through Fannie Mae.

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Lindahl plans to acquire 6,000 units in Texas. In early June, hebought the 200-unit French RoadApartments at 3155 French Rd. The buyer's holding contractsfor a 365-unit complex in Dallas and a 144-unit asset in FortWorth. And, Lindahl says, there is a complex in Shreveport, LAabout to go to escrow. The Fort Worth property will change handslater this month while Dallas and Shreveport are ticketed to closein August.

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Lindahl's march into Texas has caught the attention of severalSouth Texas investors and loan arrangers because he lectures on howto become a multimillionaire with apartment acquisitions. He ispart of Donald Trump's Real Estate Wealth Expos and teaches othercourses like "Apartment House Riches" and "Real Estate InvestorsMarketing Toolkit." He's also authored a book, "Emerging RealEstate Markets: How to Find and Profit from Up and ComingAreas."

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