Ostroff tells GlobeSt.com that the buyer, who he describe as along-term owner and operator of multifamily assets across thenation, is looking to make additional acquisitions in the Metroplexand does not want to jeopardize any future deals by disclosing itsidentify. "The buyer has been looking to enter the Dallas marketandbeen shopping around for class A assets and this one really gottheir attention," Ostroff says. "They saw the upside potentialbecause this is not a commodity class A property--they thought itwas distinctive and unique."

Located at 4000 Parkside Center Blvd. in the southwest quadrantof Spring Valley Road and Midway Road, Townhomes at Parkside wasbuilt in 1999. According to Ostroff, the complex is ideal forfuture condo conversion, with its 1,294-sf average unit size andamenities such as a 5.5-acre, on-campus private park with barbecuegrills, half-mile jogging trail and rock waterways. Nearbytownhouses are priced from $160,000 to over $300,000.

The property offers 59 one-bedroom townhouses and 148two-bedroom townhouses on canals or with yards. The townhouses rentfor $1.50 per sf, for an average of $1,500 per month, Ostroff says.Occupancy at Townhomes at Parkside has averaged 92% over the lastseveral months with income growth of 9.9% over the last 60 days, asconcessions have been substantially reduced recently.