Kevin Russell, senior investment adviser for Gibraltar Commercial Properties in Dallas, tells GlobeSt.com that the 95%-leased complex at 100 N. Randolph Dr. did a 45-day run on the market, garnering two solid offers at slightly below the list price. The syndicated investment partnership scored the win with its ready-to-deploy exchange funds from a 24-unit sale in South Dallas, he says. The seller is HL Side LP of Dallas.

Casa de Loma falls into the working-class asset class, leveraged by a location off Cockrell Hill Road and close to Pinnacle Park, a warehouse and distribution stronghold at the city's edge, which proved to be a chief dealmaker for the buyer, according to Russell. The other driver, he says, is "rents are 5% to 8% below market and could probably go further than that once they do the rehab." Rents range from $550 to $800 per month for one-, two- and three-bedroom apartments, averaging 830 sf.

The deal's sole broker says the buyer is eyeing a three- to five-year hold of the 16-building complex, positioned on four acres. Trigon Management of Dallas has been hired to manage it.