Peter Hartnett, senior investment adviser in Dallas forHendricks & Partners, tells GlobeSt.com that the privateinvestor reinvested exchange capital from a class B multifamilyasset for a 96%-occupied, 18-year-old complex at 151 Ebo St. inKaufman, a county seat with 6,400 residents and 30 miles east ofDallas. The deal closed with a LaSalle Bank loan arranged by JamesOsgood with Dallas-based BMC Capital LP.

The Windtree Apartments, positioned on nearly 2.4 acres andwithin walking distance of Presbyterian Hospital, has fivetwo-story buildings. There are 20 one-bedroom apartments, each 638sf, and 40 two-bedroom units with 690 sf apiece. The monthly rentaverages $500 or 74 cents per sf.

Hartnett negotiated on behalf of the seller, HCH Properties ofAddison, TX, while Derrick Cabellero of Phillips Commercial inDallas handled talks for the buyer. Hartnett says the class BWindtree Apartments was on the market about a year, with fourcontracts falling out for different reasons. "It was a great littledeal," he says, "and a good, patient seller. Sometimes, it's hardto sell a deal when it's 30 miles from town. Once we got the rightguy in there, it went real smooth."