The 240-unit Watermark at 150 Parish Lane in Roanoke most likely brought $15.6 million to $18 million based on per-unit class A prices in the submarket. Mid-America will not release the purchase price until July, but a company spokesman says Watermark sold in the lower half of the current per-unit price strata for multifamily units in the northwest Dallas/Ft.Worth metroplex. "Multifamily communities in this market have a per-unit purchase price ranging from $65,000 to $85,000," says Tim Argo, Mid-America's manager of asset planning.

Watermark's current occupancy is 93%. Mid-America plans external upgrades such as extensive landscaping and revamped signs and gates. The Watermark complex, located between US Highway 377 and the Alliance Gateway Freeway, has one- and two-bedroom units running from 675 sf to 1,225 sf and monthly rents ranging from $695 to $1,170.

Argo says several competitors--mostly private companies--were competing for the two-year old Watermark property. "We won the deal because of our closing reputation," Argo tells GlobeSt.com. "We are known as a company with solid financing who can and will close quickly. In this case, there will be less than 30 days between signing the contract and actually closing."