A family partnership from Henderson, CA satisfied the full exchange with the Central Park Apartments at 4804 Via Ventura in Mesquite, Tom Warren, associate partner with Hendricks & Partners' Dallas office, tells GlobeSt.com. The buyer turned around proceeds from the sale of a multifamily property in Southern California and took out additional financing to close an all-cash acquisition minus a debt assumption, he adds. Mark Sixhour with Holliday Fenoglio Fowler LP in Houston arranged financing that required 60% down to meet the exchange structuring.

Warren and Tom Burns, a senior adviser with Hendricks & Partners, had the listing on the market two weeks, locking in five offers for the 94%-occupied holding. The deal closed out the first merchant build project for a Dallas limited partnership, new to the development game, according to Warren.

Eyed as a long-term hold, the Central Park complex has 55 one-bedroom units, 44 two-bedroom apartments and 12 three-bedroom designs in five floor plans ranging from 725 sf to 1,202 sf. Rents range from $720 to $1,052 per month. Concessions, which is a key point in today's talks, were down to one month free at the closing, but had been all across the board, Warren says.