Ostroff tells GlobeSt.com that the buyer, who he describe as a long-term owner and operator of multifamily assets across the nation, is looking to make additional acquisitions in the Metroplex and does not want to jeopardize any future deals by disclosing its identify. "The buyer has been looking to enter the Dallas marketand been shopping around for class A assets and this one really got their attention," Ostroff says. "They saw the upside potential because this is not a commodity class A property--they thought it was distinctive and unique."

Located at 4000 Parkside Center Blvd. in the southwest quadrant of Spring Valley Road and Midway Road, Townhomes at Parkside was built in 1999. According to Ostroff, the complex is ideal for future condo conversion, with its 1,294-sf average unit size and amenities such as a 5.5-acre, on-campus private park with barbecue grills, half-mile jogging trail and rock waterways. Nearby townhouses are priced from $160,000 to over $300,000.

The property offers 59 one-bedroom townhouses and 148 two-bedroom townhouses on canals or with yards. The townhouses rent for $1.50 per sf, for an average of $1,500 per month, Ostroff says. Occupancy at Townhomes at Parkside has averaged 92% over the last several months with income growth of 9.9% over the last 60 days, as concessions have been substantially reduced recently.