The three-building complex takes up four acres at 2732 W.Colorado Blvd. The new owner, who also has properties in upscaleOak Lawn, "saw people were talking about that area and thought itwas a good area to buy in," Sam Pettigrew, vice president ofCantrell Cos. in Dallas, tells GlobeSt.com. "He will hold it forawhile and see what happens to the area." He adds the buyer isdigging in for a three- to five-year hold.

The deal sweetener is nearby apartment projects already areearmarked as teardowns. In a true value-add play for the presentand future, Pettigrew says the new owner is planning to push rents$20 per month across the board since the in-place rates are belowmarket. One-bedroom units are $630 per month; two-bedrooms, $730.Units range from 570 sf to 960 sf in four floor plans.

Harshaw Asset Management Co. of Dallas has owned the 19-year-oldcomplex since 1989. Harshaw owns other multifamily properties, butit's not its core business. "He thought it was a good time sell andfocus on the mobile home business," Pettigrew says. He and Cantrellsenior associate Elliott Carpenter partnered on the sale.