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DALLAS-GMAC Institutional Advisors is backing a play by a New York investor to acquire at least $200 million of multifamily assets in the Southwest. The first-time partners got the ball rolling with a three-property pickup for $98 million.

“We are in serious negotiation on two to three other projects in the Dallas area,” Michael Bryant, senior vice president in Dallas for the Horsham, PA-based GMAC, tells GlobeSt.com. GMAC’s man on the ground is Dennis Trimarchi, who left top slots with the Galesi Group in New York to form Trimarchi Management Co., a Schenectady, NY-based firm formed in recent months to focus on acquisitions in the Southwest. “He’s not married to us,” Bryant says, “but it’s a very close working relationship.”

As he did with Galesi, Trimarchi splits his time between Dallas and Schenectady. “He’s been studying this market for five to seven years,” Bryant says. The JV isn’t holding any contracts, but the indication is negotiations are going fast and furious to stoke the portfolio with more class A properties.

Bryant says Trimarchi closed the first deal the day after he opened his office. The portfolio was seeded with the $98-million acquisition of 1,363 units in three complexes in Las Colinas, bought in late June from the Ohio State Teachers Retirement System. Bryant says the JV plans to spend another $100 million to $150 million in 12 to 18 months on additional assets in the Southwest.

Bryant, who arranged the financing, says the acquisition closed with $20 million of equity from GMAC Institutional Advisors and $75.25 million in three Freddie Mac loans from GMAC Commercial Mortgage Corp. He says the stand-alone loans are nine-year vehicles with a 4.99% fixed-rate interest, with the JV’s triple play closing 31 days after loan applications were submitted for the 410-unit Jefferson Ridge Apartments at 5301 N. MacArthur Blvd., 420-unit Jefferson Park Apartments at 1101 Hidden Ridge and 533-unit Chaparral Creek Apartments at 3701 N. O’Connor Rd. The complexes are bringing in rents of $695 to $1,275 per month.

“Concessions are still rampant in all of the Dallas market and Irving,” Bryant says. “Dennis feels like the concessions will burn off in a couple years.” The concessions’ burn-off and a recent uptick in the office submarket are setting up the upside formula, he explains.

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