PLANO, TX-Buying for the first time in Texas, a Seattle investor has spent close to $1.6 million for a 45-unit complex positioned near a proposed loft project, light-rail station and the downtown of the fastest growing city in the northern tier.

The buyer of record, Stadia LLC, bought the Belleview Apartments at 1407 15th Place in Plano with 1031 Exchange capital from a smaller multifamily property in Seattle and a 30-year amortizing financing package at an 80% loan-to-value ratio with a sub-6% fixed-rate interest from LaSalle Bank, Chris Deuillet with Marcus & Millichap in Dallas tells Steve Stieling with BMC Capital LP in Dallas arranged the financing.

Dallas County tax records show the seller, WJB Investment LC of Richardson, acquired the asset in 1995. “It’s a class C in a class C-plus area, Deuillet says, adding the new owner intends to spruce it up to gain some upside. “I think that with the Plano name and Plano location, he sees upside in the rents as a long-term hold.” The holding was 97% occupied at sale time and had minimal deferred maintenance, according to Deuillet.

The Seattle buyer was one of three investors who immediately jumped at the listing, which was widely and quickly marketed, says Deuillet, the sole broker for the transaction. The four-building complex, positioned on two acres, was built in 1972. The mix contains 21 one-bedroom units, 610 sf; 24 two-bedroom designs, 760 sf; and a pair of two-bedroom apartments, 855 sf. The monthly rent averages 80 cents per sf with tenants paying electricity, water and sewer bills.

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