DNT Global Star LLC of Daly City, CA paid close to the list price to get the keys to the 500 W. Crosstimbers St. property from local seller, 500 West Crosstimbers Ltd. The seller, who took the buildings down to the studs and rebuilt in recent years, is liquidating its multifamily investments, according to Kevin McCarthy, an investment broker with Hendricks & Partners' local office.

McCarthy tells GlobeSt.com that West Crosstimbers Apartments offers a lot upside by increasing rents and improving occupancy. The complex is just 85% occupied versus the marketwide average that exceeds 90%, he says. Also, market rate rents are 90 cents per sf while the just-sold units are leasing for 80 cents per sf.

West Crosstimbers Apartments received eight offers during two months on the market. DNT Global Star, trading out of a multifamily complex in California, made the high offer for the 1960s-vintage complex, McCarthy says. The new owners hired Stellar Development & Management of Lubbock to lease and manage the mix of 66 one-bedroom units and 32 two-bedroom apartments. The average unit is 753 sf.