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ARLINGTON, TX-Sendera Investment Group LLC of Dallas has kicked off a buying spree in Texas and Florida by tapping its capital for $26 million to take possession of the 444-unit Arbrook Park in South Arlington. The plan is to tuck 1,500 to 2,000 multifamily units into a portfolio before the year ends.

Sendera bought the holding at 1401 Nandina Dr. from Trammell Crow Residential, headquartered in Atlanta. It is the second class A complex in a two-mile radius to sell in recent weeks, Christopher M. Davis, Sendera vice president, tells GlobeSt.com. He’s uncertain how many offers were plunked down for the 24-building asset, but he does know that the $58,000 per unit price tag is a good deal given the prices in the immediate area. A Denver buyer has paid $70,000 per unit for the Franciscan along Matlock Road while Archon Residential is seeking $68,000 per unit for its Providence on the Park, according to Davis.

The opportunity to buy into the area at a reasonable cost and the value-add prospect for the 88%-occupied complex fit the criteria that Sendera and its investors are seeking in today’s buying climate. Sendera teamed with Greystar Capital Partners of Charleston, SC on the Arlington purchase, which has been turned over to Greystar Management Services for the day-to-day operation of the 35.2-acre asset.

About $1 million will be spent on upgrades for the four-year-old complex in a repositioning strategy. The one-, two-, three- and four-bedroom units fetch about 89 cents per sf. The average unit size is 1,018 sf and brings in $905 per month.

Davis says Sendera has pooled several capital sources in the pension fund and high-net worth arenas to leverage its acquisition fund. The buyers are looking at properties on the average of 200 units or more, with price tags of about $15 million. The key, says Gary Davis, president and principal, is location as well as value-add opportunity. He brokered the buy for Sendera while Brian O’Boyle of O’Boyle Properties in Dallas represented Trammell Crow Residential.

Next up, say the Davis brothers, will be Conroe, a Houston suburb where they have a 140-unit, 98%-occupied complex under contract. Unlike Dallas-Fort Worth, the Conroe complex is nestled in a community where concessions just aren’t part of the market scenario. “That’s why we’re there,” says Christopher Davis. The Sendera lineup also includes their father, Jack Davis, a seasoned real estate professional who’s now the CFO.

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