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CARROLLTON, TX-A San Antonio buyer is rolling the dice on the Dallas/Fort Worth multifamily market with a 280-unit, class A purchase that’s been bought during lease-up at a discounted rate for the risk.

The Cambria at Coyote Ridge Apartments was 68% leased when AG Spanos Corp. of Stockton, CA sold it to USA Cambria LLC to roll it into a multifamily portfolio comprised of properties in Texas, Oklahoma and South Florida. Spanos was seeking $23.8 million for the 4230 Fairway Dr. complex in Carrollton.

Joseph Calderoni of Calderoni & Associates in Houston tells GlobeSt.com that the leasing risk drove a substantial discount off the asking price. Leasing got under way three months ago when the clubhouse opened. Dallas/Fort Worth real estate sources say the merchant builder first floated the offering in November 2002 as work progressed on the 18.8-acre project. Completed early this year, the development is assessed at $10.6 million, according to the Dallas Central Appraisal District.

The complex rents for 98 cents per sf, on the average. Units range from 791 sf for a one-bedroom apartment to 1,273 sf for a three-bedroom, two-bath design. Calderoni says the leasing team has been signing tenants at the rate of 30 units per month which “is better than the market.” Concessions, he admits, are keeping pace with the market and resulting in one month’s free rent for a 13-month lease.

Calderoni says the buyer used 1031 Exchange proceeds and placed debt for the acquisition, the details of which were not available by publication time. Spanos used in-house representation to structure its first deal with the San Antonio investment group. Calderoni, who’s sold several Spanos projects through the years, brought the buyer to the seller early in the game. “It was contracted very early on and it closed during lease-up, which most don’t want to do,” he says.

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