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CARROLLTON, TX-Hall Financial Group has hawked a 360-unit complex with a “solid class B” ranking to a Foster City, CA-based investment group. Word on the street is the heavily chased deal came close to the $17.5-million ask.

Edentree Apartments, built in 1983 by Trammell Crow Co., was one of the last assets in the area for the three-year disposition of multifamily properties accrued in the mid- to late 1980s and 1990s by the Frisco, TX-based Hall. “It was one of the most heavily offered on deals that I’ve seen in awhile,” Tom Burns, associate partner in Dallas for Phoenix-based Hendricks & Partners, tells GlobeSt.com. “It’s a good solid B and had a story to tell.” The 90%-leased complex at 1721 E. Frankford Rd. drew 18 offers during a three-month market run.

Eyeing a three- to five-year hold, the buyer of record is Carrollton Edentree LP, which plans to update unit interiors to gain room for a rent hike. The ticketed changes, Burns says, could generate $50 to $100 per month per unit “depending on the level of upgrades that they do.” Rent now averages $670 per month or 82 cents per sf.

“The story is the repositioning,” Burns stresses. “There’s definite ground to be picked up in occupancy. In order to do that, the interiors need freshened up.”

The 28 two-story buildings, situated on 17.99 acres, is a 50-50% split of one- and two-bedroom units, ranging from 600 sf to 1,052 sf. Burns says the plan is to keep the complex running as a rental, with the new owner hiring Devonshire Management Co. of Dallas to oversee it. The pro forma cap rate is 6.97%.

One building, containing 16 units, was off line due to a fire. Burns says Hall stayed in charge of the repairs under the takeover agreement. The building is due to come on line in a week to 10 days.

Burns, who teamed with Hendricks & Partners’ Tom Warren, says Hall also did a defeasance on a $13.1-million loan with a 5.8% fixed-rate interest. Details about the buyer’s financing, other than it included an equity partner, were unavailable.

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