Al Silva, senior associate with Marcus & Millichap RealEstate Investment Brokerage Co.'s Fort Worth office says the25-year-old asset at 600 Wembley Circle went through a "quiet"marketing period that reached a small number of buyers. "The buyerhad experience operating outside his home state and the sellerliked that," says Silva, who had the marketing assignment withMarcus & Millichap associate Kelley Sparkman in the company'sDallas office.

The buyer also took charge of a $7.5 million assumableinterest-only conduit loan from Wachovia. The loan, which has a6.18% interest rate, has another 3.5 years remaining. "This is alittle different from a lot of the properties of this type on themarket today," Silva tells "Most of them are eitherdistressed or people have to sell because the note is comingdue."

However, Wexford Townhomes is in good condition and doesn'trequire any upgrades. "We felt the property itself and the greatassumable loan with time left on it would compel the few buyers outthere to come to the table," Silva explains. "This deal hadundergone significant capital improvements over the past 18 months,so this represents a mid-to-long-term hold for the buyer for thecash flow."

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