The seller of record, Texas Bay Towne South LP, is funneling itsgain into a multifamily property in Louisiana while the buyer ofrecord, Arlington Arbor Terrace LP, of El Cerrito, CA swapped someduplexes in its home state for the Arbor Terrace complex at 1015 W.Arkansas Lane in Arlington, Peter J. Hartnett with Phoenix-basedHendricks & Partners' Dallas office tells GlobeSt.com. He saysArbor Terrace had a one-year run on the market, but the sellereventually got close to what he wanted, locking in a buyer for$70,000 less than the asking price and raising the bar for 1969product.

The 15-building development, sitting on 5.3 acres, is theCalifornia investor's first foray into Texas. The deal closed witha 10-year conduit loan, with about $300,000 earmarked for someupgrades, arranged by the New York City-based PW Funding Inc.,according to Hartnett. The seller, which flips assets every two tofour years, bought Arbor Terrace in 2000, according toHartnett.

The class C mix consists of five 320-sf efficiency units; 60one-bedroom designs ranging from 600 sf to 820 sf; and 78two-bedroom apartments with 940 sf. The average monthly rent runs75 cents per sf or $611. "It's a coupon or cash-flow deal,"Hartnett says.