Dallas Buyer Grabs 256-Unit Complex From Colorado Seller

WACO, TX-The Dallas-based Kamco Property Co. has taken down a second multifamily property in Baylor University’s hometown at a substantial discount to the $5.2-million asking price. The plan for the 83%-leased, 256-unit complex is an immediate $700,000 rehab and subsequent rent hikes.

The just-sold property is the La Mirage 2 Apartments at 2425 S. 21st St. “We bought it for substantially less,” Bryan J. Kaminski, Kamco’s owner, says about the deal with 15-year owner, Texas First Nine Ltd. of Colorado. The first step is renaming the complex to Blair’s Cove Apartments and the next move is the rehab, which will take 60 days to complete, according to Kaminski. Bryan O’Boyle with Apartment Realty Advisors in Dallas brokered the transaction.