A California investor has acquired a North Oak Cliff Rental Community.

The Bellrock Bishop Arts apartments are at 1836 W. Davis St, east of Hampton Road. The two-building, 207-unit apartment property was built in 2012 by developer Wood Partners. Since 2020, it’s been owned by Bellrock Real Estate Partners of Fort Worth.

The rental property was 95% occupied at the time of the sale. Terms of the transaction were not disclosed. The apartments are valued for taxes at more than $38 million.

Commercial property firm Transwestern handled the sale to California-based Paskin Group as part of a 1031 tax-free exchange – a swap of one real estate investment property for another that allows capital gains taxes to be deferred. It’s named after the section in Internal Revenue Service code that created it.

“Our team has a strong track record of assisting 1031 buyers in identifying suitable properties to meet their exchange requirements,” Transwestern’s Tyler Gauntt said in a statement.

Gauntt, Rye Hinkle, Chris Stutzman and Bryan McMurrey of Transwestern handled the transaction.

The Bellrock Bishop Arts apartments include a fitness center, dog park, resort-style pool and clubhouse.

Buyer Paskin Group recently sold a property in Austin.

The Santa Barbara-based firm owns apartments and commercial buildings, including several rental properties in Dallas-Fort Worth.

D-FW is the country’s top apartment investment market with $6.84 billion in sales through the first nine months of 2023.