"This was the buyer's first purchase in Texas," says Patrick Short, a loan officer in the Austin office of BMC Capital, which originated the loan. "We were able to arrange a 10-year fixed rate amortized over 30 years with only a five-year declining prepayment penalty to provide more flexibility in their hold strategy."

Built in 1974, Park Dale Garden has a mix of one- and two-bedroom units from 620 sf to 1,176 sf. Rents range from $499 a month for the smallest one-bedroom, one-bath unit to $650 for a two-bedroom, two-bath unit with den. Amenities include clubhouse, access gate, on-site laundry, night security patrol, swimming pool, playground and disability access. The complex is about 90% leased. The buyer plans to raise rents and make moderate interior and exterior improvements.

The list of properties sold by Tarragon recently include the Villa Tuscany Apartments and Deerwood Village Apartments in Orlando, FL for $72.9 million; Floresta Apartments in Jupiter for $60.2 million; a six-property portfolio in various Southeast markets for $156 million; and the Cason Estates Apartments in Murphreesboro, TN for $27 million. A national developer of homes, condominiums, townhomes and mixed-use communities with more than 14,000 homes in development, the company has been facing liquidity problems and was delisted by Nasdaq in January.