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DALLAS-The Dallas buyer takes a 50%-leased apartment complex with a $1.1-million offer, outdistancing several others jockeying for the 48 units at 316 W. Fifth St. in Irving.

THS Properties is the buyer. Carolyn Mansour of Dallas is the seller. O’Connor Place, situated on about 1.2 acres, is the trade.

Jeff Ratliff, principal of AmeriSouth Real Estate Services Inc. in Dallas, tells GlobeSt.com the complex’s price was based on the pro forma rather than actual occupancy of the complex, all two-bedroom designs. The property has a historical occupancy of 93%.

THS Properties will move in with its own management team plus undertake a renovation that includes changing out some two-bedroom apartments to flesh out the mix to include one- and three-bedrooms designs. The rent average is $600 per month.

The south Irving complex is positioned in one of the strongest class-C submarkets in the Dallas-Fort Worth metroplex. Units most often sell for $30,000 to $35,000 apiece instead of the $24,000 that O’Connor Place brought, Ratliff says. The renovation, repositioning and re-tenanting will boost the price to the submarket average, of that Ratliff is sure.

Ratliff represented the buyer while AmeriSouth’s Case Stockton brokered for the seller, who acquired the asset in 1995. Steve Helendfelds and John Brownlee, both of Holliday Fenoglio Fowler LP in Dallas, arranged a five-year loan with 30-year amortization so the deal could close. The $975,000 financing, which includes renovation money, came together in 40 days, according to Ratliff.

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