Burns says Mission Park Green's occupancy this year has ranged from 95% to 97%. The one- and two-bedroom mix brings in 80 cents per sf, roughly eight cents less than submarket average for comparable units. Apartments range from 674 sf to 1,070 sf. The buyer has an in-house leasing and management team.

The acquisition pushes Mission Residential's multi-state portfolio to 10,000 units, with Dallas/Fort Worth running a close second to Nashville in terms of concentration. Since late 2004, Mission Residential has amassed 2,700 units in the North Texas cities of Richardson, Garland and Plano.

"We're not done buying, but we need to assimilate all the properties and make sure we have all our properties running like a Swiss clock," Wieland says. "We don't need any more in Dallas until the total size of the portfolio grows." He says it's ironic that its first deed in the region came from Hall and its 10,000-unit milestone did too.

Completed in 1981, Hall acquired the complex 18 years ago. The asset's perks include fireplaces in all but 42 apartments and an extensive recreational package, including jogging trails. Wieland says the clubhouse will be renovated, new roofs put on the buildings and interiors upgraded over time. He adds that the brick and Hardi-plank exteriors have been well maintained. The new owner is still fine-tuning costs for its value-add plan, but expects to begin work in the first quarter.