Norman Eastwood, Marcus & Millichap senior investment associate in Dallas, tells GlobeSt.com that the property drew 21 offers in two weeks. In addition to Eastwood, the Marcus & Millichap negotiating team consisted of Peter Katz, vice president in Phoenix, and Robert Meek in Houston. They represented the seller and secured the buyer, Denver-based REIT, Archstone Communities.

With so many would-be purchasers coming forward, the 19-year-old Briar Meadows went for $650,000 more than its listing price. Eastwood says about half of the offers came from out-of-state investors, both private and institutional.

The 13-building, garden-style complex has one- and two-bedroom units ranging in size from 603 sf to 1,147 sf. Rents run from $683 to $1,008 per month. Eastwood says the monthly rates are slightly below market averages for the submarket.

Eastwood says CalSTERS put the complex on the market in line with its strategy for equity redeployment of its portfolio. As for the buyers, they wanted the property for its location along South Ashford Road in the highly desirable Memorial area, its debt-free status and value-add opportunities. Eastwood says a better operating agenda and property upgrades, possibly extending to the addition of garages, are prime considerations for beefing up the value.