BES Westlakes Fund.

The Santa Ana, CA-based investment group and ROC Realty Advisors, led by Gus Remppies of Richmond, VA, have closed on the 296-unit Chatham Court Apartments at 7825 McCallum Blvd. and 198-unit Reflections Apartments at 7815 McCallum Blvd. The 94%-leased sister properties were marketed for $26.1 million by CB Richard Ellis teams in Dallas and Austin.

Triple Net and ROC weren't available for comment prior to publication time, but did say in a press release that, like the San Antonio buy in late August, that the Charlotte, NC-based Wachovia Bank provided acquisition financing for the late 1980s-era assets in North Dallas. The Chatham and Reflections complexes, situated on 22 acres, have 36 buildings in two- and three-story designs and one- and two-unit floor plans. Units range from 542 sf to 959 sf; rents go from $673 to $917 per month.

CBRE's Dirk Goris represented the Deerfield, IL-based sellers of record, Chatham Court Associates LP, Reflections Associates LP and Das Reflections LLC. The all-cash offering factors out to $52,834 per unit, right in the North Dallas sweet spot for sales of comparable properties. If Triple Net holds true to its other BES deal, a renovation is coming for the North Dallas pair. Triple Net's Michael Frieman and ROC principals Remppies and Jay Olander represented the tenant-in-common buyers. Wachovia's Chris Troutman arranged the financing.