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DALLAS-In a pre-emptive move on the marketing, a local investment group has scooped up the 328-unit Copper Creek Apartments from a note-buyer. The 85%-leased complex swap has brought $10 million to $11 million.

Franklin Pacific Financial Corp. of Santa Monica, CA has spent the past year repositioning the foreclosure at 13450 Maham Rd. and investing $1.4 million into a rehab, says Peter Hartnett, associate partner for Hendricks & Partners in Dallas. He tells GlobeSt.com that the marketing packet was under construction when TriPro Management Inc. put in an offer, driving a close 45 days later.

Holliday Fenoglio Fowler LP arranged financing for the quick-turning deal. “We never quite made it to market,” Hartnett says. “It was a walk-off homerun at the end of the year.” Had it gone to market, the note-buyer, which had foreclosed on the property, planned to ask $11.5 million, according to Hartnett.

Hartnett says TriPro simultaneously bought 42 neighboring units from the Great Neck, NY-based owner of the Santa Clara Apartments at 13350 Maham Rd. to build in additional value add. The units are situated so that they appear to be part of Copper Creek, but key to the acquisition decision is it opens access to the proposed Cottonwood Trail, a jogging and biking link to the Katy Trail.

Hartnett says Copper Creek’s rehab was 90% done when TriPro placed the contract. So, the new owner’s next move will be to redo the 42 extra units and polish off the Copper Creek work, according to Hartnett.

Built in 1980, Copper Creek is an 18-building development on 10.77 wooded acres. The one- and two-bedroom units range from 420 sf to 909 sf. Monthly rents are $385 to $690. “I think there’s upside in raising the rents,” Hartnett says.

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