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DALLAS-A local company has bought the 160-unit Regal Brook Apartments out of receivership from Ohio-based Regal Brook Holding LLC. Wind Properties RB LLC, which paid $3.3 million for the troubled asset, plans to pump an additional $6,000 per unit in upgrades.

CB Richard Ellis first vice president Chris Deuillet tells GlobeSt.com the 1970s complex at 8303 Skillman St. is a clean property with good bones. Deuillet represented the Anaheim, CA seller.

“This was a traditional California seller who bought in the 2005-2006 time frame, and put a lot of debt onto the property,” Deuillet explains. “He paid an aggressive price on this, given the cap rate, but had trouble maintaining that level, so it went to the lender in January 2009.”

Deuillet says the 80%-occupied Regal Brook was exactly the type of asset the buyer was looking for. This represented the second deal in the past year for the company, which was represented by Cheryl Pogue Windland with KMM Realty Group LLC.

Last summer, Wind Properties bought the 200-unit Denton North Apartments at 3210 Fallmeadow St. in Denton, TX, and has completed renovations on that. Wind Enterprises LLC is managing both assets.

Deuillet says Wind Properties is the typical buyer on the market these days, one with a local presence, who obtains lending through local, or regional, banks. “All the transactions I did in 2005 and 2006 were mainly with California buyers,” he adds. “But all of the transactions I handled in the past year or two are with the local buyers, buying from those California buyers.”

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