Tiburon, CA-based Concierge Asset Management is the sponsor ofthe Drever private real estate investment fund. Paul Odland,president of Concierge Asset Management, tells GlobeSt.com that thepurchase fits his MO of purchasing properties that are eitherdistressed or located in overbuilt markets. The Clear Lake-LeagueCity area currently is experiencing some problems due tooverbuilding. Odland also cites its location to major employers asanother important factor in the sale. One of the biggest names,Chicago-based Boeing Co., is relocating 932 employees from SouthernCalifornia to the area.

Odland looked at over 70 complexes in the Houston area andzeroed in on the Cape Cod-style Moorings because it was aparticularly great buy and developed by the Hanover Co., a group heterms as one of the best builders in Texas. "Usually, we have torevitalize and re-energize the entire apartment community. ButHanover carefully built and meticulously maintained The Moorings,so we're buying a virtually new property in a prime area, 35minutes from Houston's central business district," Odlandsays.Hanover, with equity partner Mitsubishi Corp., are thesellers. Odland says the complex was sold because Mitsubishi wantedto get out of the project.

Though none of the parties disclosed the sales price, the pricewas reportedly below today's replacement costs. Part of thepurchase was financed through a $9.6-million loan from CreditSuisse First Boston.

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