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DALLAS-A 319-unit multifamily asset, tucked into a transitioning pocket in Northeast Dallas, has been sold to a first-time metroplex buyer from New Orleans. The 85%-leased complex is the seventh of 10 multifamily properties to trade in 18 months in the neighborhood.

Center Acquisitions LLC acquired the Silverado Springs Apartments at 11100 Kingsley Rd. from Performance Properties Co. of Dallas and its equity partner on the five-year hold, Transwestern Commercial Services. “He got a substantial discount to replacement cost,” Armand Charbonneau, TCS vice president in Dallas, tells GlobeSt.com about the $7.65-million listing.

Charbonneau says Center Acquisitions wasn’t the highest of the dozen offers for the class B asset, but was “the best offer.” The deal took nine months to close because the state transportation department claimed a strip of the highway-fronting acreage for a turn lane from Interstate 635 “after earnest money was at risk,” he explains.

Silverado Apartments, sitting on 5.6 acres at the edge of the Dallas-Garland line, traded free and clear “in very good condition,” says Charbonneau, who partnered with TCS vice president Mark Freeman on the 22-year-old development’s sale. The 31-building complex has 10 efficiencies, 173 one- and 31 two-bedroom units, averaging 547 sf. The average rent is $508 per month. The new owner slid in Protea Management Co. of Dallas to oversee the investment.

Charbonneau and Freeman are marketing two more complexes in the immediate area, where seven properties with 2,233 units have sold since early 2004. The package play has the 354-unit Stoney Creek Apartments at 11333 Amanda Lane up for grabs at $9.65 million and its sister, the 286-unit Enfield Apartments at 11300 Amanda Lane, tagged at $7.5 million.

“This whole area is primed to really improve dramatically because of the ownership change,” Charbonneau says. “They have all transitioned into stronger hands…well capitalized and attentive operators. It needed to happen.”

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