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CARROLLTON, TX-In a quiet hand-off, Equity Residential Properties Trust has ended a seven-year hold of the 400-unit Dawntree Apartments, selling the Denton County asset to a neighboring owner of 360 units. Comparable complexes in the submarket are selling for $45,000 to $50,000 per unit.

Hendricks & Partners' Dallas team of associate partner Tom Burns and senior investment adviser Jay Gunn facilitated the sale of the 1834 E. Peters Colony Rd. complex. "We made an unsolicited offer," Burns says, citing a chain of events that put the deal on the Chicago-based seller's desk right before the capital market tightened and after the buyer's earnest money went hard.

With the deal now closed, the investment group from Foster City, CA is making plans for a long laundry list of upgrades to the 23.1-acre Dawntree Apartments, including the addition of a fitness center on some open land. The complex, boasting three tennis courts and two swimming pools, is situated right around the corner from Edentree Apartments at 1721 E. Frankford, a class B asset that it bought in May for nearly $17.5 million.