Second-quarter sales for the sector were somewhat sluggish so the uptick validates brokers' predictions that closings would be relatively brisk in Q3. The off-market trade was Tealwood Apartments, a 20-year-old class B asset at 6400 Tealcove Dr. in Arlington. Also sold were two class C's: the 144-unit Plaza at 400 Ralph St. in White Settlement and 114-unit Shady Valley Square Apartments at 3206 Green Tee Dr. in Pantego.

Arlington continues to be a hot pick of the day due to the rising Dallas Cowboys' stadium beside the Texas Rangers' ballpark. Tealwood Apartments has been sold to a 1031 exchange investor from Portola Valley, CA, who used proceeds from an office building sale in Denver to pick off the 5.35-acre Tealwood Apartments at the intersection of US Hwy. 287 and Interstate 20 where a Wal-Mart Supercenter is coming out of the ground. Its seller was Tealwood Arlington Associates Ltd., a Dallas developer who built it in 1985.

The complex, in line for cosmetic upgrades, was 90% leased at sale time. Its one- and two-bedroom units average 643 sf; rents are $500 to $750 per month.