Peter Hartnett, senior investment adviser in Dallas for Hendricks & Partners, tells GlobeSt.com that the private investor reinvested exchange capital from a class B multifamily asset for a 96%-occupied, 18-year-old complex at 151 Ebo St. in Kaufman, a county seat with 6,400 residents and 30 miles east of Dallas. The deal closed with a LaSalle Bank loan arranged by James Osgood with Dallas-based BMC Capital LP.

The Windtree Apartments, positioned on nearly 2.4 acres and within walking distance of Presbyterian Hospital, has five two-story buildings. There are 20 one-bedroom apartments, each 638 sf, and 40 two-bedroom units with 690 sf apiece. The monthly rent averages $500 or 74 cents per sf.

Hartnett negotiated on behalf of the seller, HCH Properties of Addison, TX, while Derrick Cabellero of Phillips Commercial in Dallas handled talks for the buyer. Hartnett says the class B Windtree Apartments was on the market about a year, with four contracts falling out for different reasons. "It was a great little deal," he says, "and a good, patient seller. Sometimes, it's hard to sell a deal when it's 30 miles from town. Once we got the right guy in there, it went real smooth."