Buying as Granite Redevelopment Properties LP, Tim Gilleanoutmaneuvered eight others for a recently renovated Canyon CreekVillage at 3130 Lombardy Lane, which was foreclosed upon six monthsby Miami Beach-based LNR Partners Inc., Peter Hartnett, seniorinvestment adviser in Dallas for Hendricks & Partners, tellsGlobeSt.com. "It. was extensively renovated," he says. "Every unitwas in working order and rentable at the time of closing." The15-building asset on 8.72 acres was marketed for $5.95 million; itsDallas County assessment is $5.46 million.

Gillean, holding true to his MO, will be changing the name,doing additional upgrades and sliding in his own management companyin a re-branding campaign to lift occupancy, according to Hartnett."He will have that place ship-shape in six months," he adds. "He'sa terrific owner and a great buyer. It needs very, very littlework, but knowing Tim, he will be adding first-class touches. Itwill be a homerun."

Hartnett teamed with Hendricks' senior investment advisers TomWarren and Tom Burns to close the deal, which went full circle in50 days. Gillean gained the upper hand because "he went firm with aquarter of a million dollars on Day 1," Hartnett says. PatrickBrown of Colonial Bank in Dallas arranged financing.