Bank of America had Nick Fluellen, senior investment adviser in Dallas for Marcus & Millichap Real Estate Investment Services, and Scott Harris in the firm's Chicago office steering the sale of the 16-building complex at 6603 E. Lovers Lane. Fluellen says the 60%-leased asset's location near White Rock Lake, major freeways and seven miles from Downtown Dallas was the drawing card for offers ranging from $2 million to $3 million, several of which were aimed at the leveling the land and building new.

"He made a very compelling offer. And, it was all cash so that helped," Fluellen says, adding there was only one other all-cash offer on the table. The asset hit the market in as-is condition and without an ask, with the broker adding that "they were of the mindset they were going to sell the deal and meet the market."

At sale time, 20% of the units were renovated. Work began on the 35-year-old complex in 2005, but Fluellen says there is a significant amount of upgrades and deferred maintenance left to do. He tells GlobeSt.com that the new owner is "trying to figure out the extent of the rehab," but is expecting to pump $5,000 to $10,000 per unit into the value-add play.