A family partnership from Henderson, CA satisfied the fullexchange with the Central Park Apartments at 4804 Via Ventura inMesquite, Tom Warren, associate partner with Hendricks &Partners' Dallas office, tells GlobeSt.com. The buyer turned aroundproceeds from the sale of a multifamily property in SouthernCalifornia and took out additional financing to close an all-cashacquisition minus a debt assumption, he adds. Mark Sixhour withHolliday Fenoglio Fowler LP in Houston arranged financing thatrequired 60% down to meet the exchange structuring.

Warren and Tom Burns, a senior adviser with Hendricks &Partners, had the listing on the market two weeks, locking in fiveoffers for the 94%-occupied holding. The deal closed out the firstmerchant build project for a Dallas limited partnership, new to thedevelopment game, according to Warren.

Eyed as a long-term hold, the Central Park complex has 55one-bedroom units, 44 two-bedroom apartments and 12 three-bedroomdesigns in five floor plans ranging from 725 sf to 1,202 sf. Rentsrange from $720 to $1,052 per month. Concessions, which is a keypoint in today's talks, were down to one month free at the closing,but had been all across the board, Warren says.