Despite the newness of the multifamily property, Linden says there's still enough upside in the 97%-occupied complex to fit into Advenir's strategic plan of buying value-add and implementing light enhancements to boost value.

"We did identify one newer property in that market, that's charging more rent," he says. "Though Advenir@Mansfield is a new property, we'll make improvements by putting wood flooring in the units and touching up a few other areas.

Advenir is no stranger to Dallas-Fort Worth; in 2005, the company acquired its first complex, the 948-unit Advenir@Town Centre, which is currently under contract. Linden says that if all goes according to plan, that deal should close in mid-August.

Even with Advenir's experience and holdings in the DFW region, Linden acknowledges it has become highly competitive to find class A assets in the immediate MSA. "There's a lot of equity chasing deals in this market," he explains. adding that Advenir attempts to circumvent this by seeking out viable multifamily properties that are in submarkets that may not be as high-growth as Dallas, Fort Worth, or the immediate suburbs. Mansfield, for example, is directly south of Arlington, TX, a mid-point between the cities of Dallas and Fort Worth.

"We're looking at a lot of properties in the greater Dallas-Fort Worth area," Linden adds. "We're looking for 1990s or newer product."