According to Dallas County tax records, the seller is a limited partnership with ties to Tampa-based MuniMae Portfolio Services LLC. Kerr says the free-and-clear sale was closed with a five-year loan from Freddie Mac at a 5.6% fixed-rate interest, which was arranged by Charlie Geiss, Concierge's director of equity and investment finance.

According to Kerr, the Concierge team repeatedly asked MuniMae about the asset, which hit the market about one year ago. "The seller knew we were serious about the property. We had demonstrated a strong interest in buying this particular property," he explains. "And, we had a reputation for being a reliable buyer and had done our homework."

Kerr says there was a requirement for a year-end closing, which worked in Concierge's favor with its track record as the linchpin for the MuniMae recommendation. The seller's broker, Paul Harris, managing partner in Dallas for Chicago-based Moran & Co., says in a press release that Concierge wasn't the highest offer, but "we knew their reputation and based on our recommendation, they were selected as the buyer." Jenny Gillaspy, a Concierge director of acquisitions in Dallas, led negotiations, with COO Myra Rega in charge of due diligence.

Concierge's Dallas office has opened on the fourth floor of 9400 Central Expressway. Michael Wurst, general counsel and director of capital market investments, heads up the four-member office. More personnel and more acquisitions will be added as the year plays out. The investment group owns two other multifamily properties in Dallas/Fort Worth.

Kerr says Concierge is armed with $400 million of debt and equity to deploy this year for its strategy to build a workforce and affordable housing portfolio. "There is no specific goal for Dallas, but we are looking for good opportunities," he says. "We are very interested in some properties and are negotiating to purchase them, but they're not under contract."