On the block are the 248-unit Bent Tree Brook at 4820 WestgroveDr.; the 196-unit Bent Tree Oaks at 4815 Westgrove Dr. and the184-unit Bent Tree Fountains, located around the corner at 16400Ledgemont Dr. The assets were constructed in the late 1970s, andHall upgraded 171 units with new cabinets, baths, countertops,flooring and carpet and stainless-steel appliances.

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Still, according to the Hendricks and Partners brokers who havethe marketing assignment, there is enough value-add potential for anew owner in the 93%-occupied portfolio. "People have been tryingto buy these for years. But Hall Financial has never been a seller,until now," comments Tom Burns with Hendricks and Partners' Dallasoffice. Also on the marketing team are Jay Gunn and Tom Warren inthe Dallas office, and Jim Hearn, who operates from Houston.

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Another part of the deal is its assumable debt at 4.9% as wellas seller-provided mezzanine debt, also at 4.9%. "We've addressedthe capital structure of these assets and the value-add component,which is key to this," Gunn explains.

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Both Gunn and Burns say there's been "a significant amount ofinterest" in the assets, but a call for offers probably won't takeplace until after the first of the year. "We think the size of theportfolio and its quality will pull everyone from institutionalgroups to large private capital," Burns adds.

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Bent Tree Brook offers one-, two- and three bedroom units in 42buildings on 14.7 acres, with units averaging 972 square feet.Rents are between $685 and $1,400.

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Bent Tree Oaks' studies, one-, two- and three-bedroom apartmentsare spread over 25 buildings on 10 acres. Rents for the units,which average 947 square feet, range from $650 to $1,200 permonth.

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Bent Tree Fountains is comprised of one, two- and three-bedroomunits in 20buildings on 13 acres. The average unit size is 993square feet and rents are between $655 and $1,450.

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"Craig (Hall) has been methodically moving out his multifamilyportfolio over the past several years, for business reasons," Burnstells GlobeSt.com. Another Hall Financial multifamily asset isscheduled to close in the area by year-end, and once the AddisonBent Tree Portfolio sells, the company will have two remainingmultifamily assets in the Dallas-Fort Worth market.

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