(Read more on the multifamily market.)

COMMERCE, TX-A North Texas homebuilder, staking his firstmultifamily property claim, has paid 97% of the $2-million ask fora foreclosed complex in an outlying city east of Dallas. The100-unit Village Apartments has traded with 20 renovated units andenough construction materials to finish the balance.

John Applewhite, an independent broker, represented the localbuyer, who bested 16 other offers for the 33%-leased complex at2231 Live Oak St., according to the deal's broker. Sam Pettigrew,vice president for the Cantrell Co. in Dallas, and associateElliott Carpenter took the deal full circle with an eight-day runon the market, 18-day inspection period and closing 68 days laterfor Orix Capital Markets LLC, the asset's Chicago-based specialservicer and master services that initiated the foreclosure againstthe former owner of the class C, 35-year-old complex.

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