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AUSTIN-In an off-market deal, Dallas Cowboys' owner Jerry Jones and his Blue Star Land LP have sold the largest multifamily block in the city to Capmark Investments LP, two of its public pension fund clients and Legacy Partners Inc. Local sources say the 2,044-unit Riata and 17 acres of developable land have brought more than $150 million.

The power quartet of buyers put the Riata under contract in December 2005, but had to work through five HUD 221(d)(4) loan assumptions before the entire package could change hands, Spencer Stuart Jr., senior vice president and Texas partner for the Foster City, CA-based Legacy Partners Residential Development Inc., tells GlobeSt.com. For Capmark, it's the second high-profile deal in Central Texas to make headlines this week.

Capmark senior vice president Michael Bryant says the deal also required two new Freddie Mac loans, totaling $50 million. He says the new loans are five-year terms at a 5.8% fixed-rate interest while the HUD loans have three to five years left on their terms.