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DALLAS-A local seller ended a decade-long hold on Ridgegate Apartments by disposing of the class B complex to a Southern California investor and first-time area buyer. The new owner, which bought the 270-unit, 1980s asset for close to the $6.5 million ask, will soon launch cosmetic changes in hopes of increasing rents.

Sam Pettigrew with Dallas-based Cantrell Co. says buyer 9737 Forest Lane LLC beat out eight other offers for the complex. Pettigrew, who represented the seller, tells GlobeSt.com the buyer financed the transaction with a Fannie May loan.

“This is the buyer’s first deal in Dallas and Texas,” Pettigrew adds. “He’s looking for more along the same lines. He likes value-add plays with good cash flow.”

The appeal of Ridgegate was its location at 9727 Forest Lane on Dallas’ north side. “It’s less than a block from an elementary school and a city bus line stops right in front of the complex. It’s close to major employers and major freeways,” Pettigrew says.

The seller has other holdings in the area. Pettigrew says Ridgegate’s note was approaching maturity and the seller decided disposition was the best option. The seller has no plans to sell other properties at this time.

The 93%-occuped Ridgegate Apartments has one- and two-bedroom units measuring between 500-800 square feet. Current rents are from $340 to $520 per month. The new owner has retained local company Blue Real Estate Services Inc. to manage and lease the asset.

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