AmeriSouth bought the 98%-leased complex from the Dallasnonprofit, the Raible Place Charitable Trust. The plan is to fix upthe 34-year-old complex and significantly raise the rent.

Jeff Ratliff, executive vice president of AmeriSouth Real EstateServices Inc., tells GlobeSt.com that the first order of businesswas to sever the HUD contract for the South Irving complex nearTexas 183 and Loop 12. The deal calls for 40 of the 152 units at1200 Britain Rd. North to remain subsidized. The plan is to elevaterents to the market rate of 82 cents per sf for a bills-paidproperty, Ratliff says. The complex at sale time had an averagerent of 45 cents per sf. The average unit size is 882 sf.

The rehab plan calls for interior and exterior upgrades.Meridian Commercial of Dallas is AmeriSouth's preferred generalcontractor. Ratliff and AmeriSouth's Case Stockton negotiated theRaible Place purchase.