PNL/Blackacre SW LLC took the properties as settlement in lieu of debt. In Arlington, the mortgage holder got 589 units at the Eastwood, Westwood and Ballpark Apartments in the high-traffic Collins Avenue corridor near Interstate 30 in Arlington. In Dallas, it got the 85-unit Highland Court near the boundary line of Highland Park, one of the city's priciest residential areas.

Two more properties are ticketed to go back to PNL/Blackacre. One, though, won't be "friendly," David W. Porter, PNL Cos.' president, tells GlobeSt.com. For now, he's not saying which two in the eight-property portfolio are in jeopardy.

The pool, acquired in September, consists of 201 units in Houston; 182 in Flagstaff, AZ; 74 in Phoenix; 72 in Grambling, LA; 54 in Grand Junction, CO; and 48 in Russellville, AR. All have different owners and most were built in the late 1960s. Overall, occupancy was 85% at sale time for the class B and class C package.