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BEDFORD, TX-After close to a year of silence, Bostonian Investment Group stepped up for its first 2009 buy, taking possession of the class B Windmill Terrace Apartments from seller Case & Associates Properties Inc. The buyer paid $8 million for the 284-unit complex, which is located mid-way between Dallas and Fort Worth.

“This is a situation in which the sellers were caught in a reverse exchange. The asset was on the market for north of $10 million prior to 2009,” comments Justin Meszaros, a principal with Bostonian Investment Group. He says the 1980s complex at 2200 Murphy Dr. is in a good location with occupancy in the high 80s and rents between $.65 and $.70 per square foot.

“The product overall is in good shape, though it needs a little face lift and a little TLC,” Meszaros tells GlobeSt.com. The upside, he continues, will be through pushing rent growth.

Jordan Cortez with Apartment Realty Advisors’ Dallas office represented Tulsa, OK-based Case & Associates. The complex will be managed by BIG Assets, Bostonian Investment’s management division.

Though the company was a very active buyer in the Lone Star State during 2008, buying up hundreds of units, acquisitions came to a screeching halt late in the year and well into 2009. Meszaros says this was partly because of the economy and partly because much of the company’s efforts were spent fortifying the management company, BIG Assets, and ensuring the already secured assets were performing properly.

Furthermore, Meszaros, Bostonian Investment founder David Lindahl and two others are working to grow another division, Bostonian Capital Partners. Meszaros says this particular arm will focus on buying up distressed notes, and right now, an eight-or-nine figure equity fund is being put together for that purpose. Though deals aren’t planned to close in 2009, Bostonian Capital Partners has already put in what Meszaros terms an aggressive offer for a distressed portfolio. “We anticipate landing more deals and more volume in 2010,” he adds.

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