Gary Walker, president of SCM Real Estate Services in Arlington,tells GlobeSt.com that the plan calls for investing $225,000 intoproperty upgrades to ready the 2001-2021 E. Lamar Blvd. asset forsales at $125 per sf. In sync with the closing, the new ownerestablished Governor's Row Country Club Homeowners Association LLC,building in necessary guarantees for the complex's continuedmanagement.

Walker's investment group bought the five-acre complex, situatedwithin blocks of Interstate 30, from a local partnership led byGary Maxwell, who at one point had SCM leasing and managing itduring his six-year ownership. "He called me on a Monday. He put anumber on it and we were under contract on Friday," Walker says.The deal closed with a five-year, prime-based floating-rate loanfrom NexBank, he adds.

Walker says SCM associate Beaux Riley will continue to leaseGovernor's Row as the condo plan advances. Two leases, in fact,were made on the road to the closing, bumping the 60%-filledcomplex to 67% occupancy. The class B-plus office space is on thelease market for $16.50 per sf plus electric.