The 240-unit Watermark at 150 Parish Lane in Roanoke most likelybrought $15.6 million to $18 million based on per-unit class Aprices in the submarket. Mid-America will not release the purchaseprice until July, but a company spokesman says Watermark sold inthe lower half of the current per-unit price strata for multifamilyunits in the northwest Dallas/Ft.Worth metroplex. "Multifamilycommunities in this market have a per-unit purchase price rangingfrom $65,000 to $85,000," says Tim Argo, Mid-America's manager ofasset planning.

Watermark's current occupancy is 93%. Mid-America plans externalupgrades such as extensive landscaping and revamped signs andgates. The Watermark complex, located between US Highway 377 andthe Alliance Gateway Freeway, has one- and two-bedroom unitsrunning from 675 sf to 1,225 sf and monthly rents ranging from $695to $1,170.

Argo says several competitors--mostly private companies--werecompeting for the two-year old Watermark property. "We won the dealbecause of our closing reputation," Argo tells GlobeSt.com. "We areknown as a company with solid financing who can and will closequickly. In this case, there will be less than 30 days betweensigning the contract and actually closing."