John S. Brownlee of Holliday Fenoglio Fowler's Dallas office arranged the fixed-rate loan on behalf of AmeriSouth Acquisitions. Key Commercial Mortgage of Kansas City, MO was the conduit lender on the financing package.
The complex, built in 1969, is located near the Dallas Community College District's Eastfield campus. It is 96% leased.
AmeriSouth currently owns and operates approximately 5,000 apartment units in 30 properties located throughout the Dallas-Fort Worth area, Austin and Texarkana, TX. Its 2002 goal is to acquire 2,000 units. The local investor is pushing the halfway mark with deals of late as it gains some added capital leverage through refinancing avenues as is so popular in today's marketplace.
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