Carlos Vaz, principal of the young Dallas-based company, says the purchase of the 62%-leased Willows of Woodhaven at 5816 Boca Raton Blvd. involved more than just location. "Being next door was important, but the bank had spent a considerable amount of money on it so the units were in good shape," he says. Nita Stewart of CB Richard Ellis in Dallas was marketing the foreclosed asset for the lender.

Vaz tells GlobeSt.com that the $3.85-million ask was whittled to $3.05 million after waiting several months for it to ride market before putting in an offer. "We closed the deal in three weeks after we renegotiated," he says, making the close with 50% down in a new loan with the seller. He says the plan is to refinance the complex in three to six months after the Willows is renovated and occupancy picks up. According to Tarrant County tax records, the seller is Lsf5 Willows LLC, which had given oversight to a Dallas law firm.

Carlos & Costanzo is looking to amass 2,000 class B and class C units in Dallas/Fort Worth by year's end. Vaz classifies the Willows as a class B, with the gated complex's units averaging 650 sf in one- and two-bedroom floor plans and an average rent of 64 cents per sf.