The just-bought real estate is the 440-unit Wimberley ParkApartments at 800 Link Dr. in Duncanville and 512-unit CamelotVillage at 4200 US Hwy. 80 in Mesquite. Jason Post, president ofthe Los Angeles-based namesake company, tells GlobeSt.com that theopportunistic play for the properties was closed in 60 days withFannie Mae financing from Wachovia Securities. He says the cap ratewas about 8%.

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Post says they are relying on a five-year hold to generateupside more so than any renovation or near-term rent hike. "We'regoing to ride the positive fundamentals of the Dallas market," hesays. Wimberley Park is beside Duncanville High School whileCamelot Village is situated in a redevelopment area near theMesquite's fairgrounds. And, he says, both are the nicest complexesin their respective neighborhoods.

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The partners have allocated about $1,000 per door for upgradesfor the assets, both hovering 95% occupancy in the one- andtwo-bedroom mix. "These are fairly stable," Post stresses.

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Wimberley Park, built in 1981 on 20 acres, has units from 689 sfto 1,018 sf. Its monthly rents are $616 to $785.

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The 24-year-old Camelot Village, situated on 21 acres, has unitsfrom 606 sf to 1,095 sf. Its rents are $498 to $775 per month.

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Post and Lagovent have been buying separately and as one inTexas. Under the terms of the partnership, the Los Angeles-basedLagovent's Dallas team will lease and manage Wimberley Park andCamelot Village. Post now owns 5,000 units in Texas; Lagovent has3,000 apartments in the state.

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The Anaheim, CA-based Frankel Family Trust acquired WimberleyPark in November 1992 and Camelot Village in May 1995. "The sellerwas nearing the end of the loan term and looking to sell," Postsays. "They were offered to us as a portfolio. We historically buyin outlying markets, but fairly close to the CBD."

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