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DALLAS-A first-time Texas buyer has pocketed the fully occupied, 32-unit Belvedere Apartments in East Dallas, paying about $900,000 in an off-market transaction. The deal went full circle in 46 days.

The private investor from Beverly Hills, CA, teamed 1031 Exchange money from a condo sale in his homeport with an 80% loan-to-value financing arranged by Boyd Burton with Marcus & Millichap Capital Corp.’s Dallas office. Buying the 5315 Columbia Ave. property was just the beginning of a Texas plan, says Tommy Lovell with Marcus & Millichap in Dallas. “They’re trying to get used to the market and then will look for more,” he tells GlobeSt.com.

Lovell says he knew the Belvedere’s seller was looking to trade up after a six-year hold. “I knew the buyers were a week away from closing their condo and they were just the perfect match for this property,” Lovell says. The seller, Shirley Smith of Dallas, has several apartment complexes around town that she’s bought, repositioned and sold in recent years.

The complex, built in 1961 on four city lots, is a mix of two efficiencies, 20 one-bedroom units and 10 two-bedroom apartments. The apartments range from 400 sf to 670 sf, with monthly rents of $475, $495 and $595. A Dallas management company has been hired to oversee the asset, Lovell says.

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