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FORT WORTH-A syndicated partnership from Santa Monica, CA hasbested a field of seven-would be buyers and the $13.5-million askto win the deed to the 265-unit Vistas at Lake Worth. The cap ratewas pushing 7% at the closing table.

The buyer teamed 1031 exchange funds to a 10-year loan at asub-6% fixed-rate interest to take the deed to 6303 Shady OaksManor from Tarragon Corp. of New York City, Jeff Dowdle, seniorassociate for Marcus & Millichap Real Estate InvestmentBrokerage Co. in Dallas, tells GlobeSt.com. "That's the reason thepricing was so aggressive," he says. "The financing on those sizesof deals is extremely aggressive. It was a Wall Street bank loan."The loan opens with three years of interest-only payments,according to Dowdle, who teamed with his brother Mark, a salesspecialist, to sell the asset. Shane McConnell in Marcus &Millichap's Newport Beach, CA office represented the first-timebuyer in the Dallas/Fort Worth metroplex.