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DALLAS-Amli Residential Properties Trust, proving that patience pays off, has swooped in to buy a 244-unit, class AA mid-rise in Uptown. Renamed to Amli at Cityplace, the 94%-leased complex has brought in the mid-$20 million range for local developer, McCaslin Development Co.

“I’ve been looking at this deal for two to three years,” Amli senior vice president Mark Alfieri says about the former Quarters at Cityplace at 2403 N. Washington Ave. He’s not saying just what Chicago-based Amli paid for the 4.9-acre development assessed at $19.5 million by Dallas County. But, he did tell GlobeSt.com that Amli assumed a $21-million securitized loan to close the deal for a widely marketed property bearing a near $28-million ask–and that Amli has paid significantly less than the list price. The loan, carrying a 4.88% fixed-rate interest, runs until 2009, he says.

“It was on the market and under contract a few times. Eventually, the price got to a level that made sense for us,” Alfieri says. “Like any other property, I wait till it works.” Brian O’Boyle, head of Apartment Realty Advisors’ Dallas office, represented McCaslin, whose executives were unavailable by publication time to discuss the sale.

The Dallas-based seller, McCaslin Development, built the complex and its multi-level parking garage five years ago–a mix of 226 one-, two- and three-bedroom units plus 18 townhomes. Apartments range from 553 sf to 1,559 sf and townhouse designs of 1,500 sf and 2,020 sf. Rents run from $875 to $2,050 per month. “We think rents are below the submarket as a whole,” Alfieri says. “Hopefully, rents will continue to appreciate.”

The gated infill development, positioned in one of the city’s leading commercial pockets for all sectors, was built with the amenities of a resort and extras like a cyber cafe and high-tech media room. “This acquisition supports Amli’s declared ‘B to A’ strategy to continually upgrade our portfolio by redeploying the proceeds from the sales of older assets into newer ones,” Allan J. Sweet, Amli’s president, says in a press release.

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