Shenandoah Village, situated on seven acres at 1400 Shady Lanein Bedford, has traded to a limited partnership from Los Angeles.The seller of the 93%-leased complex is Highland Oaks Partnershipof La Mesa, which is planning to replenish the portfolio with amultifamily property in its homeport.

"It is unusual," George Deuillet III with the Dallas office ofPhoenix-based Hendricks & Partners, tells GlobeSt.com about aplay bucking the steady outpouring of capital from California. Infact, the complex was sold because "he had some acquisitioninterest in California," he says. "This one was matured to thepoint that it was ready to sell."

Shenandoah Village, positioned near the Bedford SplashWaterpark, baited eight offers in a three-month run on the marketat a list price of nearly $5.3 million, according to Deuillet. TheL.A. buyer, with the top offer on the table, teamed some 1031Exchange gain with a seven-year loan from Citibank "at veryfavorable market terms" to seal a deal at a price that was "prettyclose" to the ask, he says. The seller paid off a loan to allow thebuyer to pick up new financing, according to Deuillet. SteveSieling with Dallas-based BMC Capital arranged the financing.