Haley Associates bought the 184-unit Polo Park Apartments at4700 Polo Pkwy. and 232-unit Windtree Apartments at 3600 W. Loop250 N., less than five miles apart. The seller is Terry Holden ofLas Vegas. On average, comparable complexes in the city are tradingfor close to $40,000 per unit.

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Both Midland complexes were built in the early 1980s, but noupgrades will be needed, according to Tammi Adams, Haley'sassistant director of acquisitions and dispositions. She tellsGlobeSt.com that the main appeal of both complexes is their 100%occupancy. "That's Midland. It's such a booming market, you canturn in keys to an empty apartment on Friday, clean up theapartment and give keys out for a new rental the following Monday,"she says.

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Adams says another reason why Haley Associates is looking formore complexes in West Texas is the oil boom. In early April, thecompany bought the 415-unit Willow Hill Apartments and the 224-unitMeridian Park Apartments in Lubbock.

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Art Wadlund, a partner in Hendricks & Partners' Tucsonoffice, brought the deal to Haley from the seller. Adams says shehopes to do more business with Holden in the future. "He'sdefinitely a man of integrity and we enjoyed doing business withhim," she adds.

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Polo Park Apartments has one and two-bedroom units measuringfrom 720 sf to 1,346 sf. The monthly rents go from $675 to $975.Windtree Apartments also has one and two-bedroom apartments,ranging from 700 sf to 1,000 sf. Its rents are $630 to $735 permonth. Haley's sister company, Dial Equities, will handlemanagement and leasing.

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Jonathan Gilfillan, vice president with Live Oak Capital Ltd.,arranged for a seven-year loan, with four years of interest-onlypayments with Column Financial Inc. of Atlanta. The loan wasoriginated through Column's Fannie Mae DUS program.

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