Start to finish, the sale of the Greenhill Apartments at 403Small Hill Dr. in Grand Prairie took four months to close due tothe assumption, says Chris Deuillet with Marcus & Millichap'sDallas office. The loan, held by Cleveland-based KeyBank, maturesin 2011 and is locked in with a 7.76% interest rate, he tellsGlobeSt.com.

Greenhill Apartments was listed at $1.1 million. The new owner,who bought Delta Plaza in Fair Park nine months ago, paid within 2%to 3% of the asking price for his second property in Texas,Deuillet says, adding three other investors surfaced in a six-weekmarketing period. "This was top of the market for this propertywith the assumption in place," he explains.

The seller of record, Greenhill Apartments LLC, acquired thecomplex in 2001, the smallest of his three Dallas/Fort Worthproperties, says Deuillet, who brokered the deal along with Marcus& Millichap's John Barker. "He's actually cashing out, takingsome money back to California...for a large retail developmentthere," he says.