"Basically we are hedging our down stroke by doing two phases,"says Justin R. Meszaros, executive vice president and partner ofBoston -based investment group. He tells GlobeSt.com that the thirdproperty tour at 11201 E. Lake Highlands Dr. sparked the idea for avalue-add play based on splitting the phases, with the plan quicklygoing into action to pre-empt marketing being planned by CB RichardEllis senior vice president Nita Stewart. CBRE senior vicepresident Dirk Goris negotiated the buy side.

Highlands' 224-unit first phase will be upgraded to a class B,gated and renamed to the Arbors. The 132-unit second phase will beupgraded too, but will still only climb to class C plus. Its newname is Casa Serena. Meszaros says the strategy "allows us to getCasa Serena filled so it's cash flowing and be a little morepatient with the Arbors and ensure that we get the rightresidential profile in the Arbors." The investment schedule allowstwo years to complete the plan, he adds.

To expedite the plan, the Lindahl Group has hired Barry Weaveras vice president of its management company. Weaver, who had beenoverseeing a 20,000-unit portfolio, will be the point man for thevalue-add play at the new acquisition. Meszaros says meetings witharchitects and contractors began Friday, the day after the dealclosed. Work will get under way in the coming week, starting withthe gate installation at the Arbors.