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%.

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.

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.