DALLAS-In one day of closings, McDowell Properties has laid claim to 1,194 units of four class A and class B multifamily properties of Equity Residential Properties Trust. The swap was sealed in two transactions following side-by-side, no minimum-ask sales campaigns.

The Chicago-based seller has handed over deeds to the 376-unit Madison on the Parkway at 19002 Dallas Parkway and 372-unit Wimberly Apartment Homes at 4141 Horizon N. Parkway, both in Dallas and marketed by Dirk Goris with CB Richard Ellis in Dallas. Equity Residential also sold the 248-unit Wimbledon Oaks Apartments at 1802 Wimbledon Oaks Lane in South Arlington and 198-unit Villas of Josey Ranch at 2050 Keller Springs Rd. in Carrollton, both marketed by Brian O'Boyle Sr., founder and principal of Apartment Realty Advisors in Dallas.

Kenneth Lee, vice president of acquisitions for the San Francisco-based McDowell Properties, says the four complexes, all financed separately, had occupancies hovering 95% at sale time. He can't discuss sale prices, but did acknowledge the close was made with seven-year Freddie Mac loans from Charlotte, NC-based Wachovia Securities LLC. The interest rate is being kept under wraps, but it is a fixed rate.

The metroplex swing on sale prices has class B units trading for $35,000 to $40,000 apiece in pockets like South Arlington and a bit more in North Dallas. Class A properties in the sale stack's caliber are selling for $55,000 to $80,000 per unit depending on the submarket. Based on tax records from Dallas and Tarrant counties, the per-unit assessments range from $35,282 to $59,400, putting the hand-offs right in line with their assessments.

Lee tells GlobeSt.com that the locations, across the board, were the dealmakers. "We think these locations are terrific. There are strong demographics in each of these submarkets," he explains.

The take-over plan includes renovating the mid-1980 and 1990-era complexes. "The assets have been physically well maintained, but we will be investing some capital on interiors," Lee says. He estimates $7,500 per unit or roughly $8.9 million in total will be dedicated to renovations in the next 24 to 30 months. Work will get under way immediately. The upside plan calls for post-renovation rent increases, according to Lee.

Milestone Management LP of Dallas has been hired to oversee the Madison and Wimberly complexes. The Madison's one-, two- and three-bedroom units average 904 sf, some with attached garages on a 15-acre tract. According to Internet-based rental sites, monthly rates go from $655 to $1,175. The 16.7-acre Wimberly Apartment Homes, averaging 921 sf, also is a mix of one-, two- and three-bedroom units, some with garages too. Monthly rentals range from $625 to $1,427.

Bernard/Allison Management Services Inc.'s Dallas team has been put in place at the Villas of Josey Ranch, where one-bedroom units average 849 sf in two floor plans and rents are $695 to $820 per month. It's also overseeing Wimbledon Oaks' one- and two-bedroom flats, averaging 766 sf, with monthly rents ranging from $575 to $880. The Villas is situated on 12.36 acres; Wimbledon Oaks on 9.1 acres.

Lee says the quartet pushes McDowell Properties to more than 7,000 units in Dallas/Fort Worth plus there's another 600 units under contract. "We're actively looking for more," he says. "There's no specific allocation, but we're actively looking for deals in Dallas. We think this is a great time to buy."