Bostonian Investment Group, formerly the Lindahl Group, paidabout $35,000 per door or nearly $7.9 million to BH Equities Inc.of Des Moines for the class B-minus Tiffany Square at 6209 W.Interstate 40. "It's tired. It's old. It's worn down," says JustinMeszaros, CEO of Bostonian Investment.

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Meszaros says about $250,000 is earmarked to paint, repair thewood and complete minor modifications to unit interiors. "This hasa good, diversified renters' base and the rents are $50 to $60below current market rents," he tells GlobeSt.com.

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The 95%-leased Tiffany Square has one-, two- and three-bedroomapartments, ranging from 740 sf to 1,400 sf. The rents are $505 to$789 per month.

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In Brownsville, Bostonian Investment bought two class Ccomplexes: the Bonaventure at 2313 Shidler Dr. and La Residencia at2454 E. Price Rd. They also paid about $35,000 per unit or $8.5million for the properties. The seller was Cornerstone CapitalConsulting in Dallas.

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The Brownsville complexes are situated within two miles of eachother. The new owner plans to make minor upgrades to both assets,which are 95% occupied. "They aren't adjacent to one another, butwere operated together," says Jonathan T. Boone, transactionmanager with Apartment Realty Advisors in Austin. He and ARA's vicepresident Jeffrey L. Patterson represented the sellers of bothtransactions.

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La Residencia and Bonaventure also have one-, two- andthree-bedroom units in floor plans from 704 sf to 1,324 sf. Rentsgo from $459 to $709 per month.

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Meszaros tells GlobeSt.com that Bostonian Investment's goal forthe remainder of the year is to close one deal per month. He saysthe plan also calls for more class B and class A complexes for theportfolio.

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Immediate plans call for more buys in Amarillo and entry intonew Texas markets like Victoria, Corpus Christi, Abilene andLubbock. "Whenever we enter a secondary market, we want to pick upthree to four deals in that market," Meszaros says. "We're chasingseveral deals in Amarillo and elsewhere."

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