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FORT WORTH-After a five-month run on the market, the 200-unit Steeplechase Apartments has been bought by a Fort Lee, NJ investment group. The class C complex was up for grabs for $5.8 million so it’s a safe bet that the final price rang up at least $5 million.

The buyer of record is AV Steeplechase LLC; the seller is Steeplechase Associates LP of Frisco in far north Dallas. The Hendricks and Partners’ Dallas team of Tom Burns and Jay Gunn brokered the deal for 7501 Ederville Rd., bringing it in at a 5.8% cap rate.

Burns tells GlobeSt.com that the new owner’s goal is “to trim concessions, raise rents and let the market carry them a little bit.” The 92%-leased mix of studios and one-bedroom apartments has an average rent of $531 per month.

Steeplechase Apartments sits at the Fort Worth-Arlington line. The buyer, like the 10-year owner who sold it, is a long-term holder, according to Burns. He says the asset traded without any deferred maintenance, with the only change planned on the management side. The out-of-state buyer intends to use an in-house employee to oversee the property. “There will be a change in management philosophy,” Burns vows.

Meanwhile, the seller plans to redeploy the gain into another commercial property after passing the Steeplechase deed to the highest of seven offers. And, the shopping has already begun.

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