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DALLAS-In an off-market deal, Post Investment Group LLC and Lagovent Real Estate Group LLC have grabbed a 952-unit, two-property portfolio from the Frankel Family Trust. The class B complexes have traded for close to $35 million.

The just-bought real estate is the 440-unit Wimberley Park Apartments at 800 Link Dr. in Duncanville and 512-unit Camelot Village at 4200 US Hwy. 80 in Mesquite. Jason Post, president of the Los Angeles-based namesake company, tells GlobeSt.com that the opportunistic play for the properties was closed in 60 days with Fannie Mae financing from Wachovia Securities. He says the cap rate was about 8%.

Post says they are relying on a five-year hold to generate upside more so than any renovation or near-term rent hike. “We’re going to ride the positive fundamentals of the Dallas market,” he says. Wimberley Park is beside Duncanville High School while Camelot Village is situated in a redevelopment area near the Mesquite’s fairgrounds. And, he says, both are the nicest complexes in their respective neighborhoods.

The partners have allocated about $1,000 per door for upgrades for the assets, both hovering 95% occupancy in the one- and two-bedroom mix. “These are fairly stable,” Post stresses.

Wimberley Park, built in 1981 on 20 acres, has units from 689 sf to 1,018 sf. Its monthly rents are $616 to $785.

The 24-year-old Camelot Village, situated on 21 acres, has units from 606 sf to 1,095 sf. Its rents are $498 to $775 per month.

Post and Lagovent have been buying separately and as one in Texas. Under the terms of the partnership, the Los Angeles-based Lagovent’s Dallas team will lease and manage Wimberley Park and Camelot Village. Post now owns 5,000 units in Texas; Lagovent has 3,000 apartments in the state.

The Anaheim, CA-based Frankel Family Trust acquired Wimberley Park in November 1992 and Camelot Village in May 1995. “The seller was nearing the end of the loan term and looking to sell,” Post says. “They were offered to us as a portfolio. We historically buy in outlying markets, but fairly close to the CBD.”

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