Cameron Creek, situated on 20 acres at 5209 Bryant Irvin Rd.,was 89% leased when Dallas-based Trivest Residential sold it."Because Trivest did a good job of maintaining it, the majority ofrehab dollars is going to value-add upgrades," says James D.D'Argenio, acquisitions manager in Texas for Irvine-based Bascom.He tells GlobeSt.com that roughly $3 million or $6,900 per unit hasbeen earmarked to renovate unit interiors.

D'Argenio says the value-add plan is projected to yield an extra$70 per unit per month when the work's done on the 22-year-oldcomplex, with the goal to bump it to a class A-minus status.Monthly rents now average $655 for the mix of one-, two- andthree-bedroom apartments, ranging from 698 sf to 1,495 sf. Incomparison, D'Argenio says its class A neighbors' average per unitrent is $790 per month.

"This is a true value-add story," D'Argenio stresses, adding theplan is "to reposition the asset and provide residents with acompetitive product at a discount compared to the neighboringproperties." He points out that Cameron Creek's amenity package iscomparable to its neighbors, with the "same frontage and leasingwindow." Pinnacle Management Co. of Dallas has taken over leasingand management duties.