Carousel Court Apartments, situated at 3800 S. Tyler St., is a34-building development of one- and two-bedroom units of 558 sf to728 sf that rent for $360 to $685 per month. "The intent is to pushrents and market it more," John Barker, senior investment associatefor Marcus & Millichap Real Estate Investment Services inDallas, tells GlobeSt.com, estimating in-place monthly rents are$50 to $75 below market, per unit.

Barker says the new owner, with the highest price on the table,closed the deal with 80% loan-to-value financing from New YorkCity-based Citibank. Steve Seiling of BMC Capital LP in Dallasarranged the five-year loan.

Carousel Investments Ltd. of Dallas had owned the complex sinceFebruary 2000, according to Dallas County tax records. The class Casset, built in 1985, sits on a 7.3-acre tract just minutes fromDowntown Dallas.