The 54-building complex at 10843 N. Central Expwy. boasts nearly 800 feet of frontage on the freeway's west side, where the redevelopment frenzy sweeping the east side is expected to trickle over in the coming years, according to Will Balthrope, senior director in Dallas for Marcus & Millichap Real Estate Investment Services. "Although it's long term, it's widely believed this will occur at this location," he says.

Advenir's plan for its usual MO to rename and refurbish the 94%-leased complex wasn't available by press time. "Advenir bought it on the premise they'd do a renovation and hold this five to seven years," Balthrope tells GlobeSt.com, adding rents most likely will jump when the work's done. "However, there is good cash flow in place today." The one- and two-bedroom units, ranging from 400 sf to 989 sf, are bringing in rents of $419 to $853 per month.

Built in the 1970s, Foxmoor Apartments is a class C by definition. Balthrope, though, is quick to point out that the location was the overriding factor for the high level of interest from value-add investors for the sale by Warmington Capital LLC of Irvine, CA. "We closed to buyer No. 1 with no re-trade and no delay," he says, adding Advenir was "the strongest offer" in the bid stack. The Marcus & Millichap team included Tommy M. Lovell III and Joe James.