"Offers are picking up for that range of properties," says Peter J. Hartnett, senior adviser for Hendricks & Partners in Dallas, who closed two back-to-back deals for 308 units in Irving and Dallas. "The easy-to-sell deals are between $1 million to $4 million. The main thing is the buyers have the equity to put down."

The uptick also is bringing more local investors to the closing table versus the scene a few months ago when class C deals were mostly won by 1031 exchange investors from California. "We are seeing a slowdown in California buyers in that the properties in California aren't selling as fast," Sean Bushe, loan officer of La Jolla Bank's Dallas region, tells GlobeSt.com. "The market here is getting better and local investors are starting to go back into the market." Bushe's closings for the recent flurry accounted for 101 units in Irving and Mesquite.

Improved operating conditions across all classes are backing the exchanges, according to Tom Burns, also a senior adviser in Dallas with Hendricks & Partners. "What we're seeing is operations improve for class A and B, but trickling down to class C," he says. "Everyone's operations have improved across the board. Class C is still weakest, but it's still doing good and coming up strong." Burns and Hendricks' colleague George Deuillet had the highest sale of the recent deals, getting fairly close to the $5.75-million ask for the 180-unit Cooper Park Apartments at 812 Cooper Square Circle in Arlington.