Seller Vicki Mitchell of Amarillo, looking to do a 1031 Exchange in the Texas Panhandle, has reaped more than 90% of the asking price for the Ambassador Apartments at 511 S. Tierney, Chris Deuillet of Marcus & Millichap's Dallas office, tells GlobeSt.com. The 40-year-old project was on the market for three months before it fell under contract to AYE LP, a group of three multifamily investors from Los Angeles. It's the group's first acquisition in Dallas-Fort Worth, but it's not going to be the last, says Deuillet.

The sweet spot is the complex's location: nestled on the East Side, where revitalization is opening doors for repositioning moves. The class C purchase consists of seven buildings situated on 1.8 acres. The East Lancaster rent is one of the hardiest in the city, with increases ranging from 4.5% to 5%, says Deuillet.

Sub-meters will cost about $500 per unit, but in the end "he's going to see a strong cash return pretty quickly," according to Deuillet's calculations. The complex brings in an average rent of 69 cents per sf.