The Dallas-based AmeriSouth's top-to-bottom makeover at theParkwood Apartments at 3035 Pentagon Parkway raised occupancy to92% from 80% and switched the monthly rent to an all-bills-paidmarket rate of $700 per unit, Jeff Ratliff, AmeriSouth's executivevice president, tells GlobeSt.com. "We simplified the rent systemto all-bills paid so the effective rents are about the same."

John Brownlee with Holliday Fenoglio Fowler's Dallas officebundled a refi package with a 10-year loan, 30-year amortizationand a mid-5% fixed-rate interest through CIBC of New York City."This is by far the biggest deal we've done," Ratliff says of acapital infusion that replaces a loan, 90% earmarked forconstruction, split between Colonial Bank in Dallas and PiperJaffray in New York City.

AmeriSouth, led by Ruel M. Hamilton, president and CEO, spent $3million in hard costs alone to retool the interiors for a complexwith 37 floor plans. Units average 826 sf in the 43-acredevelopment.