Tim Gillean of Dallas, who buys and immediately renovates, is ready to tear into the 39-building class C complex on 15 acres at 602 W. Pioneer Pkwy., which was in receivership through Realty Management Inc. of Tomball, TX on behalf of Miami Beach, FL-based LNR Properties Inc, according to to Peter Hartnett, associate partner in Dallas for Phoenix-based Hendricks & Partners. He says another national brokerage house had the listing and prospective buyers in the pipeline. "LNR listed Tim as an exclusion to the agreement. They liked the fact that Tim has such a good reputation. And when it came to crunch time, Tim had the strongest offer," Hartnett tells GlobeSt.com.

Royal Oaks Manor was sold two years ago to a Richmond, CA-based investment group for $7.2 million. "This is very indicative of where the class C market is going," he says, explaining yesteryear's higher priced multifamily assets are making their way back to the market at significantly lower asks.

Hartnett says Gillean's true value-add is tied to occupancy and concession burn-off although Royal Oaks will get a moderate renovation due to new city restrictions. "This is a very well-built and maintained property," Hartnett says. "When it gets to 85% occupancy, it's a moneymaker. He got a great deal on it."