(Read more on the multifamily market.)

IRVING, TX-The PPA Group has bought the 188-unit Knollwood Apartments at a significant discount to its $5.87-million ask. The 96%-leased value-add play has been under contract since May.

“We were going to assume the loan, but we hit a barrier with the lender. That plan was dropped and the seller defeased,” Monte K. Lee-Wen, president of Austin-based PPA Group, tells GlobeSt.com. He says the deal for 2727 W. Walnut Hill Lane was sealed with a five-year Fannie Mae loan at a 6.41% fixed-rate interest. Keith Van Ardsdale, a senior loan arranger in Houston for Dallas-based BMC Capital LP, pulled together a package with Greystone Servicing Corp. of New York City, incorporating one year of interest-only payments.