The limited partnership buyer of record, O'Connor Place LP,bested 10 others for Normandale Place at 8713 S. Normandale St.,Jeff Ratliff, executive vice president for AmeriSouth Real EstateServices in Dallas, tells GlobeSt.com. "At the end of the day, theseller went with the local buyer because they had the best chanceof making the deal work," he says. "They were the most responsibleoperator, but not necessarily the highest price."

Normandale Place was built in 1971 as a HUD-subsidized project.The seller's property overseer, Encore Property Management ofDallas, will stay in place for six months to train the new owner inthe operation of a seniors project, says Ratliff, the deal's solebroker.

Built in 1971, the complex contains 32 efficiencies, 86one-bedroom units and 12 two-bedroom apartments. The units of 383sf, 483 sf and 692 sf have an average rent of $460 per month.