A local investor from Irving took title to the GatewayApartments at 13455 Kit Lane in Dallas with a $1.7-million,two-year bridge loan from TexasBank. Stephen Whitehead, vicepresident in Dallas for Minneapolis-based NorthMarq Capital Inc.,arranged the 75% loan-to-value, prime-based financing.

Peter Hartnett with Hendricks & Partners' Dallas officetells GlobeSt.com that the Miami-based Lennar had to clear upnumerous code violations and dispose of a pending lawsuit beforethe sale could close. The new owner, he says, is planning to putanother $200,000 into interior upgrades of the 3.5-acre property,assessed at $1.4 million by Dallas Central Appraisal District.

The 34-year-old complex was 70% leased at the closing. The mixof one-, two- and three-bedroom apartments ranges from 721 sf to1,152 sf. Monthly rents run from $510 to $770, generating an annualincome of $600,000 based on an average rate of 69 cents per sf.