Town Creek Condominiums at 9727 Whitehurst Dr. will remainrental properties, Tom Burns of Phoenix-based Hendricks &Partners' Dallas office, tells GlobeSt.com. Cezanne Corp. of Dallassold the asset at an 8% cap to Town Creek Condominiums LP of Provo,UT.

The new owner gets majority control in the homeownersassociation, which owns the land, and units with minimal deferredmaintenance. Town Creek, built in the mid-1980s, was on the marketfor nine months at an asking price of $3.7 million.

The Utah buyer used 1031 Exchange capital from a Californiamultifamily sale and financing from Cleveland-based KeyBank toacquire the property in the Lake Highlands neighborhood. The sellerowned the 70 units for the last decade and will continue to own aproperty right across the street, Burns says. The Town Creek unitsaverage 764 sf, with a median rent of $695 per month.