The buyer of record, Stadia LLC, bought the Belleview Apartmentsat 1407 15th Place in Plano with 1031 Exchange capital from asmaller multifamily property in Seattle and a 30-year amortizingfinancing 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 GlobeSt.com. Steve Stieling withBMC Capital LP in Dallas arranged the financing.

Dallas County tax records show the seller, WJB Investment LC ofRichardson, acquired the asset in 1995. "It's a class C in a classC-plus area, Deuillet says, adding the new owner intends to spruceit up to gain some upside. "I think that with the Plano name andPlano location, he sees upside in the rents as a long-term hold."The holding was 97% occupied at sale time and had minimal deferredmaintenance, according to Deuillet.

The Seattle buyer was one of three investors who immediatelyjumped at the listing, which was widely and quickly marketed, saysDeuillet, the sole broker for the transaction. The four-buildingcomplex, positioned on two acres, was built in 1972. The mixcontains 21 one-bedroom units, 610 sf; 24 two-bedroom designs, 760sf; and a pair of two-bedroom apartments, 855 sf. The monthly rentaverages 80 cents per sf with tenants paying electricity, water andsewer bills.