Mike A. Wells of Dallas-based Wells Asset Management Inc. tells GlobeSt.com that the stack of offers was narrowed to three, with the win being determined by the financial programs that were in play for each would-be buyer of the 97%-leased complex at 12610 Jupiter Rd. "We chose the best one to close it," he says. The buyer of record, TPRFZ McMillan Place LP, was armed with a Fannie Mae loan from Charlotte, NC-based Wachovia Bank, according to Wells, who partnered with colleague Robert Aiello to sell the holding.

McMillan Place is the latest to go in the portfolio of McMillan Development Associates of Richardson, which has parted with a half-dozen multifamily complexes in the past 18 months in Wells-orchestrated sales. It owned the 16-building complex, built in 1985 on 13.8 acres, since 2004. Wells says the sell-off is being fueling other deals for the local investment group.

Wells says the new owner, with ties to Dallas and Houston, is planning a moderate rehab of McMillan Place, a class B mix of one- and two-bedroom units ranging from 748 square feet to 1,079 square feet. According to Internet research, rents go from $479 to $819 per month. Wells says upside lies in the class B rents. "The opportunity is there. Rents are roughly $50 below market," he says, adding that was part of the drawing card for the high number of offers in such a short period of time.