Sam Lewis of Phoenix-based Hendricks & Partners' Dallasoffice, tells GlobeSt.com that the Casa Verde Apartments at 5880Peavy Rd. will now undergo "a $1-million-plus rehab." The complex,part of a portfolio of four offered by W&O Cos. of New YorkCity, went "at a substantial discount off the list price" ofslightly more than $4 million, he says.

The portfolio, in an all or one offering, was brought to marketseveral months ago. Lewis says there were lookers, but no seriousoffers until the owner dropped the price a bit. The homebuilder,whose identity Lewis is guarding, came up with Casa Verde's winningproposal: cash on the line and a bank loan assumption.

The new owner won't be concentrating just on restoring the downunits to the rent market, but rather undertaking a top-to-bottomrenovation for an updated look to a 1973 product. Mechanicals,fenced patios and canopies are part of the plan as are kitchens,baths and roofs on the 25 two-story buildings situated on eightacres near Loop 12 and Interstate 30.