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DALLAS-BGK Properties Inc. of Santa Fe, NM has pried loose the deed to the 468-unit Hunting Ridge Apartments in Dallas from a 16-year owner with an offer north of $17 million.

The acquisition was funded with a $14.3-million financing package at an 80% loan-to-value ratio and a fixed-rate interest below 5%. “It was a pretty straightforward deal,” Grady W. Roberts, senior managing director in Houston for Holiday Fenoglio Fowler LP, tells GlobeSt.com about the takeover of 9821 Summerwood Circle, a 22-year-old complex with a better-than-average occupancy for the Dallas market.

“It’s not overwritten with too many concessions. A lot of the tenants have been there a long time and it fits very well in that submarket,” Roberts say. The complex’s occupancy was about 95% when Tonti Properties, a Dallas multifamily owner with 8,000 units in seven states, sold it.

Roberts says the loan from Mid First Bank of Oklahoma City is a 10-year vehicle with a 30-year amortization. And in keeping with BGK Properties’ usual buying MO, the deal was moderately leveraged and quietly transacted between buyer and seller, Roberts says.

Buyer, like seller, will manage the asset with an in-house property management team, Robert says of a property that traded in good condition. Hunting Ridge’s 29 buildings contain one- and two-bedroom floor plans ranging from 440 sf to 975 sf. Monthly rents run from $440 to $975. The 18.6-acre, gated development, assessed at $16 million by the Dallas Central Appraisal District, is less than a quarter mile from Interstate 635 and four miles northeast of the Dallas CBD.

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